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Freight Forwarding Weekly: Airport real estate is on fire 🔥

The Numbers

⛽ Diesel: $5.324 / gal

✈️¬† Air Cargo Index: 236.5

🚢 Container Index: $3,540

Green = trending up. Red = trending down

Sources: AAA index, St. Louis Fed, Freightos


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The News

🔥 Airport-Adjacent Real Estate is On Fire Thought interest rates were crushing real estate across the board? Think again. Freight and logistics companies are bidding up land close to major airports, driven by the increasing pressures for faster e-commerce deliveries. This trend was highest in the Los Angeles, New York, and Miami areas. Read more at CBRE.

 

🇨🇳 What’s Behind China’s GDP Release Delay? Analysts are struggling to explain the reasons behind China’s highly unusual delay to its third quarter GDP estimates. This comes amid continued economic slowdown due to zero COVID policies and the CCP’s twice-a-decade party summit at which President Xi is expected to be elected to an unprecedented third term. More at Reuters.

🚚 FTL Market Slowing A slowing global economy due to interest rate hikes and the post-COVID supply normalization have combined to put a damper on the U.S. full truckload market. Spot rates softened further in early October and outbound tender rejections fell to a new low of 5.05%, indicating that truckers have fewer alternative loads to choose among. The reefer market out of Harrisonburg, PA is a bright spot in a generally declining market, likely due to seasonal effects. More at Freightwaves.