EMEA Data Centre Report Q2 2024
EMEA Research
- Tom Glover
- Daniel Thorpe
The European data centre sector is experiencing transformative growth, with JLL estimating 1.7GW in development and 2.5GW in planning across core and secondary markets. A positive shift in perception is occurring, with data centres now classified as critical digital infrastructure in the UK. Proposed changes to planning processes across Europe aim to reduce bureaucracy and ease backlogs. In the UK, an updated National Planning Policy Framework (NPPF) under consultation could create a more supportive policy environment for the sector, reflecting its significant economic impact.
Key findings:
After a record first quarter, Q2 2024 was somewhat subdued with 34MW of take up. Frankfurt continues to see the bulk of demand with a half of take up seen in the metro.
Pre-leasing activity saw a huge uptick in Q2 2024 with 286MW across FLAP-D. As of H1 2024 pre-lets have exceeded the total seen in 2022 with 386MW.
We have seen 119MW of new supply added in H1 2024. JLL are forecasting a record 430MW to be added to the core European markets, a 15% year on year growth.
JLL estimates that there is 1.7GW currently in development and a further 2.5GW in the planning stages across the core European markets.
Secondary markets continue will continue to see rapid growth in 2024. Power and regulation are driving developers to look outside of the core European markets. Milan, Madrid and Zurich will see the largest MW growth this year.
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