Intelligent Investment
Silicon Valley
North America Data Center Trends H2 2023
March 6, 2024 4 Minute Read
Colocation Insights
- There was significant preleasing volume in 2023 for spaces over 1 MW.
Market Trends
- Silicon Valley Power’s 10% electricity rate increase took effect on January 1.
- Prices are increasing at the larger requirement levels.
- A robust delivery pipeline is planned for 2024 to 2026.
- Power constraints continue to affect the long-term delivery of new capacity.
- Providers are looking outside the City of Santa Clara for power-ready development opportunities.
Notable Activity
- Novva Data Centers acquired 400 Paul St. in San Francisco. This company is a new entrant, with a focus on sustainability.
- EdgeCore preleased its 72-MW, two-building campus. The first 12 MW is scheduled to deliver in Q1 2025.
- STACK preleased its 60-MW facility, with delivery in 8-MW phases.
Figure 1: Historical Market Information
Figure 2: Historical Supply and Demand
Figure 3: % of Total Primary Market Inventory
Figure 4: Market Fuel Mix
Figure 5: Average Asking Rates
Explore Markets
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CoreWeave leased space at Flexential’s campus.
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Rental rates remain firm as space and power supply declines.
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Power rates are trending towards the high end of their $0.13 to $0.16 range.
Contacts
Related Service
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