2024 Data Center Real Estate Acquisitions Report
Key Transactions that Shaped the 2024 Digital Infrastructure Market
Data center real estate acquisition activity in 2024 totaled approximately $5.3 billion, spanning over 10 million square feet of transactions nationwide. Vacancy in primary U.S. data center markets fell below 2% by year-end, as the industry recorded another historic year of net absorption. Atlanta led all markets with a record-setting 706 MW of absorption, underscoring the region’s emergence as a premier digital infrastructure hub.
Cap rates remained stable, with selective compression observed on core assets in high-demand markets backed by strong fundamentals.
The U.S. data center market expanded supply by nearly__ 7,000 MW—a 35% year-over-year increase—with __close to 90% of announced hyperscale campuses pre-leased. This rapid lease-up reflects sustained demand from cloud and AI platform operators.
Rental rates rose by over 12% on average in primary markets during 2024, a trend expected to accelerate further into 2025 as demand continues to outpace supply.
