Intelligent Investment
Montreal
North America Data Center Trends H1 2024
August 19, 2024 4 Minute Read
Colocation Insights
- Large blocks of available colocation capacity are increasingly rare, with only small pockets available in many facilities.
- Although pricing is up across the market, providers are very flexible around ramp and growth options if introduced in the initial contract.
Market Trends
- Most capacity providers are seeing significant demand from GPU Cloud service providers.
- For larger blocks of capacity, operators are very reticent to provide space to GPU Cloud service providers when they could otherwise lease to conventional CSPs.
- Incremental demand from CSPs for colocation has quieted as CSPs focus on larger power procurements.
Notable Activity
- The second phase of Qscale’s Quebec City facility was leased.
- Cologix MTL10 has been taken off the market in anticipation of a lease to a single tenant.
- eStruxture Data Centres announced a recapitalization, with Fengate becoming majority owner.
Figure 1: Market Development Information
Figure 2: Market Inventory and Vacancy
Figure 3: Market Fuel Mix
Figure 4: Average Asking Rates
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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.
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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.
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