EMEA Data Centre Report Q1 2024
Strongest first quarter on record for data centres in EMEA
- Tom Glover
- Daniel Thorpe
- Ben Collis
- Xavier Plowright
The first quarter of 2024 marked record-breaking take-up and new supply in data centers across Frankfurt, London, Amsterdam, Paris, and Dublin (FLAPD). Demand remains high, outstripping supply, leading to increased activity in secondary markets. Southern Europe is experiencing substantial subsea cable launches with an estimated 300,000km of new cables expected by 2025.
Key findings:
Strongest first quarter on record, with Q1 2024 seeing 70MW of take up. Frankfurt continues to see the bulk of demand with almost a third seen in this metro.
We saw 62MW of new supply added in Q1 2024. JLL are forecasting a record 467MW to be added to the core European markets, an average 16% year on year growth.
Cloud continues to drive colocation demand. The percentage of hyperscale colocation take up has consistently increased over the last three years from an average of 72% in 2021, to 84% and 86% over the last two years, respectively.
JLL estimates that there is 1,587MW currently under construction and a further 969MW in the planning stages in the core European markets, all of which are due over the next three years.
Secondary markets 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. The total market size of Madrid and Milan are forecast to grow by 54% and 51% in 2024 respectively.
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