IAMC News Briefs—Week of June 13, 2022
By John Salustri
TRANSPORT DIVE—President Joseph Biden has signed into law his Ocean Shipping Reform Act of 2022. The bill had moved on from the House of Representatives’ overwhelming 369-42 vote just a few days ago. The Act essentially provides the Federal Maritime Commission increased powers to “promote the growth and development of U.S. exports through an ocean transportation system that is competitive, efficient, and economical.” The move is part of Biden’s stated plans to address rampant price inflation. “The rip-off is over,” the President stated.
https://www.transportdive.com/news/ocean-shipping-reform-act-industry-reactions/625476/?utm_source=Sailthru&utm_medium=email&utm_campaign=Issue:%202022-06-14%20Transport%20Dive%20%5Bissue:42431%5D&utm_term=Transport%20Dive
COMMERCIAL OBSERVOR—The answer is yes. After two failed attempts at a takeover, Duke Realty has accepted a bid by Prologis, reported at $26 billion and the assumption of debt. The marriage will deliver into the Prologis portfolio some 153 million square feet of properties tenanted by the likes of Amazon, Home Depot, and FedEx. There is also some 11 million square feet of Duke property currently under development.
https://commercialobserver.com/2022/06/duke-realty-accepts-26b-deal-to-merge-with-prologis/?utm_campaign=daily-roundup&utm_content=2022-14-06-28043154&utm_source=Sailthru&utm_medium=email&utm_term=CO%20Daily%20Newsletter
SUPPLY CHAIN DIVE—Work will continue at Los Angeles ports as the two involved unions continue their labor talks. In a joint statement, the International Longshore and Warehouse Union (ILWU) and the Pacific Maritime Association (PMA) vowed to continue cargo operations. The PMA comes to the table with five reported goals, including the avoidance of work disruptions and the automation and increased sustainability of ports. The ILWU, in part, opposes automation, arguing its impact on jobs.
https://www.supplychaindive.com/news/ILWU-PMA-west-coast-labor-talks-no-strike-lockout/625447/?utm_source=Sailthru&utm_medium=email&utm_campaign=Issue:%202022-06-14%20Supply%20Chain%20Dive%20%5Bissue:42426%5D&utm_term=Supply%20Chain%20Dive
CUSHMAN & WAKEFIELD—Inflation is having its impact on all aspects of trade, none more than the costs of labor and energy. Despite the addition of more than 21 million jobs since the depths of the pandemic, employment remains 820,000 jobs shy of pre-COVID levels, says research by Cushman & Wakefield. “The ‘easy’ solution for businesses struggling to hire has been to raise wages and offer more perks, such as one-time bonus payments.” The result is labor costs rising more rapidly than “anytime in recent memory,” on what is already the largest expense for businesses—ranging up to 50 percent for warehousing firms. Add to that energy costs, with oil prices hovering between $100 and $120.
https://www.cushmanwakefield.com/en/united-states/insights/How-Inflation-is-Impacting-CRE-Occupiers?utm_source=sfmc_gmc&utm_medium=email&utm_campaign=GLBL_Newsletter-Weekly-Digest_Email_6_14_2022&utm_term=READ+MORE+%e2%96%ba&utm_id=228751&sfmc_id=20558719
JLL—Prologis positions beehives near its industrial facilities. Bank of America Plaza in L.A. and Brookfield Place in Manhattan both boast rooftop bee colonies. What’s the buzz? Commercially managed beehives are good for the environment. “Introducing bees and creating new rooftop habitats improve the overall resilience of cities to climate change,” says Jeremy Kelly, Global Research Director at JLL. Local food sourcing and increased air quality are considered prime among its benefits.
https://www.us.jll.com/en/trends-and-insights/cities/why-the-rooftops-are-alive-with-the-buzz-of-bees?utm_medium=email&utm_source=Eloqua&utm_campaign=Admin%20-%20The%20Source%20%28US%29%20-%20June%202022%20-%20Newsletter%20-%20Dynamic%20Content&utm_term=1772458&elqTrackId=f8a95a8fa52a4c58b4e1e865dad268fc&elq=0325a89d923e471ab6ccdb38b3ce9e22&elqaid=129962&elqat=1&elqCampaignId=242857&elqcst=272&elqcsid=2163