The second half of 2020 capped off a strong year for data centers, with the absorption hitting historic highs. This growth is due to enterprises continuing to accelerate their IT transformation. Markets such as Northern Virginia, Silicon Valley, Atlanta, and Chicago each have over 100 MW under construction, leading to new phases or new major campuses. Vacancy in several primary markets has dropped to the single digits and larger projects remain in planning.
In Canada, Toronto had limited take-up of space in the second half due to tight availability after a robust first half. The overhang of vacancy in Montréal is still clearing. The Querétaro, Mexico market report marks our first inclusion of a non-United States and -Canada market. The Querétaro, and Mexican market as a whole, is rapidly developing as the country's data center ecosystem continues to expand. This expansion is drawing interest from the major international REITs and cloud services.
Key markets featured in the report include:
- Los Angeles
- New York / New Jersey
- Northern Virginia
- Silcon Valley
- Querétaro, Mexico