Intelligent Investment
Phoenix
North America Data Center Trends H1 2024
August 19, 2024 4 Minute Read
Colocation Insights
- Rental rates remained firm due to reductions in available supply and power.
- Lease renewal rental rates increased by as much as 20%.
Market Trends
- Numerous land sales for new development occurred.
- From a planning perspective, local cities in the Phoenix market are requiring increased attention to exterior design. This may lead to an increase in cost and timeline for development.
Notable Activity
- Google, Meta and Amazon were developing large campus projects to satisfy long-term growth needs.
- Meta completed a joint venture with utility company SRP for a large power-generation plant using solar panels.
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
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