Intelligent Investment
Chicago
North America Data Center Trends H2 2023
March 6, 2024 4 Minute Read
Colocation Insights
- Demand continues to grow from financial services companies.
- This has been a relatively muted period for colocation activity due to low vacancy, at 2.1%.
Market Trends
- Land availability remains constrained, with operators prospecting redevelopment opportunities and new submarkets.
Notable Activity
- Phase 1 of CoreSite’s facility is fully leased.
- NTT acquired office buildings, with plans to demolish them to build data centers.
- T5 Data Centers is planning to build a 36-MW campus in Northlake, Chicago.
- Compass acquired 193 acres in Hoffman Estates, a former Sears headquarters.
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 Markets
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Minneapolis is increasingly considered an alternative to Chicago.
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Publicly traded operators are seeking higher per kW pricing, due to rising capital costs and limited supply.
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Public cloud providers and AI companies leased most of this market’s available space.
Report Contacts
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