Market Profiles

Continued preleasing activity kept vacancy rates historically low.

Demand continued from both third-party colocation operators and major hyperscalers.

Preleasing hit a record-high 94.5% of MW under construction.

Demand remained robust, with a shortage of large available space blocks.

Record-high demand remained unfulfilled due to record-low available supply.

Rental rates continued to rise as the vacancy rate was near zero.

Rental rates remained firm due to reductions in available supply and power.

The overall vacancy rate fell to 6.4% in H1 2024 from 7.3% in H2 2023.

The overall vacancy rate remained at a record-low 1.8%.

Most of the data center development in Central Washington consists of preleased single-tenant facilities.

CyrusOne announced plans to deliver more than 1 MW of additional capacity.

Flexential is building a new data center in Parker, CO.

The overall vacancy rate fell to 14.4% in H1 2024 from 19.7% in H2 2023.

Data center development is being considered for a 160-acre parcel in Farmington.

Enterprise clients are leading Seattle area demand this year.

The AI boom finally reached Southern California, with most of the requirements sized between 2 and 20 MW.

Large blocks of available colocation capacity are increasingly rare, with only small pockets available in many facilities.

Leasing activity with CSPs was led by Microsoft in Toronto with approximately 30 MW of commitments and 700 MW of manager services commitments in H1 2024.