2026 Savills Ports Report

Our perspective

North American port activity reached a new high in 2025, with container volumes rising 1.6% to 62.3 million TEUs across the top 15 ports, surpassing the 2022 peak and setting a record. It was also one of the most volatile years in recent memory. Shippers front-loaded cargo ahead of shifting tariff deadlines. Volumes then fell sharply when a 145% stacked tariff on China in April effectively curtailed trade before rebounding once lifted. Savills import volatility index reached 8.1% from May through July, double the 10-year average and a level last seen in 2020.

Most major ports posted gains, with 11 of 15 increasing year over year. Baltimore recorded the largest percentage increase, rebounding from the prior year’s bridge collapse, while Virginia saw the steepest decline. Vancouver also posted strong growth, with volumes up 8.8% from 2024. Compared with five years ago, activity is higher at nearly every port except Oakland and the Northwest Seaport Alliance. Tariffs remained front and center, accelerating diversification away from China, with countries such as India and Vietnam capturing a growing share of global trade flows.

Operationally, the year was relatively stable. No major labor strikes occurred, wage pressures eased and hiring conditions improved, though reduced immigration may pose future challenges. Congestion was limited aside from early delays in Vancouver. In real estate markets, industrial vacancy across major port hubs rose an average of 170 basis points over the past year as supply delivered and demand normalized. Even so, fundamentals appear to be nearing a turning point, with tenant leverage likely peaking as markets move toward stabilization.

Looking ahead, container volumes are expected to ease or remain flat in 2026 as tariff-driven front-loading fades. Policy uncertainty persists, but supply chain diversification will continue to reshape trade flows. At the same time, improved forecasting and inventory analytics may gradually smooth import cycles, reducing the intensity of surge-driven warehouse demand rather than driving overall volume growth.