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March 23, 2019
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SoCal Data Center Leasing Activity Up 23% in 2018

3/14/19

This report was provided by commercial real estate services firm CBRE

Driven primarily by demand from enterprise companies in the entertainment and financial industries, as well as online content providers, Southern California saw a 23% year-over-year increase in data center leasing activity in 2018, according to CBRE’s latest U.S. Data Center Trends Report.

Southern California saw 10.3 megawatts (MW) of net absorption. Given 10.7 MW of new capacity delivered in 2018, the market’s vacancy rate rose 140 basis points to 15.2%. The average deal size in 2018 was under 250 kilowatts and was connectivity driven. CoreSite remains the region’s inventory leader and has more than 24 MW of capacity under development or planned, primarily at its LA3 project that is slated to deliver 20 MW.
National Trends

The seven primary U.S. data center markets saw 303 MW of net absorption in 2018, up more than 16% from 2017’s then-record total. That absorption nearly eclipsed the 322 MW of capacity added last year. Northern Virginia, the largest data center market in the world, accounted for 58% of net absorption in the primary markets.

“We are closely watching supply and demand trends across the U.S. data center market in 2019 and beyond, particularly as data consumption—driven by the adoption of big-data analytics, 5G, gaming, streaming services, edge computing and the internet of things—continues to drive growth,” said Pat Lynch, senior managing director, Data Center Solutions, CBRE. “Meanwhile, we’ve seen robust construction activity as operators try to position themselves to rapidly deliver facilities within users’ often-tight schedules.”

Top 10 Most-Active Markets:

Market -- 2018 Absorption

Northern Virginia -- 175.5 MW
Southern California -- 10.3 MW
Phoenix -- 41.6 MW
Atlanta -- 8.2 MW




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