EMEA Data Centre Report Q4 2023

EMEA Research

March 28, 2024
  • Tom Glover
  • Daniel Thorpe
  • Ben Collis
  • Xavier Plowright

2023 was a whirlwind year for data centres in Europe. Record levels of demand exceeding our own expectations were seen whilst supply (despite also seeing record levels) fell short of our initial predictions. This shift in the supply and demand dynamic has been an evolving feature over the past two years, with increased cloud adoption fuelled by AI/ML requirements driving demand.

Key findings:
  1. Record levels of take up in 2023, with 352MW across the core markets a 19% year on year increase. Frankfurt has dominated take up , with a third of all demand in the core markets being seen in this metro.

  2. We saw 391MW of new supply added in 2023, with 161MW added in Q4 alone. Although the levels of new supply were below what we had initially forecast, it’s the largest yearly increase seen with the core market size growing by 16%.

  3. The supply and demand imbalance seen in the core markets has led to falling vacancy rates and upward pressure on rents. Average colocation rents saw a yearly increase of between 9% and 13%.

  4. Investment into EMEA data centres saw $2.34bn (excluding entity and portfolio deals), more than double the $0.76bn in 2022 . We continue to see wider institutional interest into the sector, with new entrants coming to the market.

  5. We are forecasting further growth in 2024 with 467MW of new supply to be added to the core markets and sigifincant growth into the secondary markets. We estimate that Madrid will see a 54% increase in market size

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