2% of Office Buildings Attract All New Tenants.

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Leasing activity in the global data center market surged to 4.1 GW in 2024, marking a notable 10% increase from the previous year. This growth exceeds the five-year average of 3.7 GW, driven by significant deals like Amazon Web Services' 500 MW lease in Northern Virginia and Google Cloud's 300 MW lease in Singapore.

The overall global availability rate slightly declined, dropping by 0.2 percentage points to 11.5%, with a positive net absorption of 3.2 GW. Power shortages continue to constrain growth, prompting increased investment in secondary markets where power is more readily available.

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North America

North America's data center inventory grew by 24.4% year-over-year, adding 807.5 MW. Northern Virginia led this expansion with 391.1 MW of new supply. Vacancy rates in the region hit record lows, especially in Chicago and Northern Virginia.

Average asking rents in North America rose by 2.1% to $135 per kW per month, reflecting strong demand and limited supply.

Europe

Europe’s data center market expanded by nearly 20% year-over-year, with Paris experiencing over 40% growth. The overall vacancy rate in Europe fell by 2 percentage points to 10.6%, driven by a surge in pre-leasing new facilities.

Average asking rents in Europe increased steadily, particularly in Frankfurt and London, due to high demand and limited supply.

Latin America

Latin America saw a 15% year-over-year increase in inventory, with São Paulo accounting for 67% of the total. Bogotá experienced the highest growth at 25%.

The region's vacancy rates remained mixed, with Bogotá seeing a decrease while Santiago saw an increase. Despite these varied trends, demand for data centers in Latin America continues to rise.

Asia-Pacific

The Asia-Pacific region's inventory grew by 22% year-over-year to 2,996 MW, driven by robust development pipelines. Singapore remains a tight market with a vacancy rate of just 1.0%.

Average asking rents in Asia-Pacific increased steadily, with Singapore remaining one of the most expensive markets.

Emerging Markets

Northern Indiana and Boise, Idaho, are emerging as new hotspots for data center development due to power availability and favorable conditions.