Intelligent Investment
Northern Virginia
North America Data Center Trends H2 2024
February 26, 2025 4 Minute Read
Colocation Insights
- The vacancy rate hit a record-low 0.5% in H2.
- Occupiers are finding it difficult to secure 5 to 10 MW of contiguous space in existing colocation facilities due to strong preleasing.
- Preleasing has extended to capacity scheduled for delivery in 2027 and beyond for single-building or campus-sized requirements.
Market Trends
- With limited sites of scale available in core submarkets, greenfield development and site acquisition has continued in newer areas such as the I-95 Corridor south toward Richmond.
- Rental rates continued to climb across all requirement sizes.
Notable Activity
- PowerHouse broke ground on an 800-MW data center campus in Spotsylvania County.
- EdgeCore plans a 216-MW data center campus in Culpeper County.
- CyrusOne acquired a leased facility from PowerHouse Data Centers in Ashburn.
- DataBank commenced construction on a 20-MW facility in Loudoun 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
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