US ports rent rises the effect of Panama Canal expansion

New York Terminal Photo: Mandritoiu | Dreamstime.com

Larger ships are sending up real estate prices around US ports, according to new analysis. The Panama Canal expansion has boosted east coast ports, which are now seeing rising rental prices as demand for warehouse space grows. The report noted that the Port of New York and New Jersey (PONYNJ) has seen rents rise 36% since the recession, with a record high in each of the past five consecutive quarters.

That must have exacerbated problems for Port Elizabeth Terminal & Warehouse Corp, which has filed a complaint against PONYNJ, alleging that it has been treated unfairly by the port, which had given preferential treatment to a rival, according to American Shipper.