Intelligent Investment
New York Tri-State
North America Data Center Trends H1 2024
August 19, 2024 4 Minute Read
Colocation Insights
- Record-high demand remained unfulfilled due to record-low available supply.
- Second-generation data centers were being updated to accommodate increased demand and higher densities.
- Rates continued to rise due to higher capital costs and limited available supply.
Market Trends
- Long lead items for new data center construction will likely hinder new capacity coming online.
- Power procurement challenges are delaying expansion plan timelines for existing campuses by 12 to 24+ months.
- Addressing supply chain and power procurement challenges remained a priority.
Notable Activity
- A financial institution assumed a master lease in Northern New Jersey to run a 7-MW enterprise site.
- Coresite in Secaucus will have new 5 MW floors coming online in Q4.
- A DataBank facility in Orangeburg, N.Y. was fully preleased.
- Equinix purchased a new building in Secaucus, NJ.
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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Continued preleasing activity kept vacancy rates historically low.
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Large blocks of available colocation capacity are increasingly rare, with only small pockets available in many facilities.
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Rental rates continued to rise as the vacancy rate was near zero.
Related Service
- Property Type
Data Center Solutions
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