Intelligent Investment
Chicago
North America Data Center Trends H1 2024
August 19, 2024 4 Minute Read
Colocation Insights
- Demand continued from both third-party colocation operators and major hyperscalers.
- The overall vacancy rate fell to a record-low 1.9% in H1 2024 from 2.1% in H2 2023, as demand outpaced new supply.
Market Trends
- Pricing, especially for small requirements, continued to rise.
- Developers looking for land opportunities in Greater Chicago prioritized power availability over location.
Notable Activity
- Significant leasing by MSFT continued in Q2.
- T5 announced its Grayslake campus.
- Iron Mountain began construction on its Des Plaines facility.
- CyrusOne announced its second facility in Aurora.
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 More Markets
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Data center development is being considered for a 160-acre parcel in Farmington.
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Record-high demand remained unfulfilled due to record-low available supply.
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Rental rates continued to rise as the vacancy rate was near zero.
Report Contacts
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Data Center Solutions
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