Freight markets still bottoming out, Cass data shows

Freight shipments and expenditures continued to fall in January, according to data compiled in the Cass Freight Index.

The Thursday report showed shipments were down 7.6% year over year (y/y) during the month and were 3.5% lower than in December. Adjusting for seasonality, shipments were flat with the prior month. The index stood at the lowest level since July 2020, the early days of the pandemic.

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Warehouse rents poised to keep climbing after record 2023

Asking rents for U.S. warehouse and distribution space reached a record-high $9.72 per square foot in 2023, up 20.6% year over year, according to data released in January from real estate giant Colliers.

“More rent increases are forecast while vacancy rates remain historically low, although at a more reasonable pace than the unprecedented [increase] since 2021,” according to Colliers.

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Port of LA kicks off 2024 with near-record January volume

The Port of Los Angeles announced February 14 that it handled 855,652 Twenty-Foot Equivalent Units (TEUs) in January, the second-best start to a year in port history. January also marked the sixth straight month of year-over-year gains for the port, surpassing January 2023’s totals by 18%.

Loaded imports that landed at the port during January were up 19% from the previous year, topping out at 441,763 TEUs. Meanwhile, loaded exports came in at 126,554 TEUs, a 23% year-over-year increase.

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