Intelligent Investment
Northern Virginia
North America Data Center Trends H1 2024
August 19, 2024 4 Minute Read
Colocation Insights
- Rental rates continued to rise as the vacancy rate was near zero.
- Hyperscalers prioritized near-term deliveries and opportunities with scale for their leasing requirements.
- Preleasing activity remained strong in response to longer development timelines.
Market Trends
- Dominion Energy’s two transmission line projects are scheduled to deliver more capacity in 2026 and 2028.
- Scale and timing drove developers’ interest in new submarkets, such as the I-95 Corridor.
- Absorption consisted of previously signed preleases and net new requirements.
- Developers began construction and submitted plans for several three- and four-story buildings.
Notable Activity
- Amazon acquired 91 acres in Prince William County for $218 million.
- Tract announced plans for a 2.4-GW data center campus in Hanover County, scheduled for delivery in 2028.
- Stack announced plans for a 72-MW Leesburg campus, with the first building delivering Q2 2025.
- Federal officials approved a 181-acre Google data center campus in Prince William County.
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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CyrusOne announced plans to deliver more than 1 MW of additional capacity.
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Preleasing hit a record-high 94.5% of MW under construction.
Related Service
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