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Chicago & Midwest  + Chicago + Greater Chicagoland  + Industrial  |  August 23, 2023
Jasmine Kilman
By: Jasmine Kilman

CBRE Data Center Report Shows Strong Demand in Chicago

According to CBRE’s recent Global Data Center Trends report, hyperscalers and enterprise operators remain interested in Chicago. Technology, finance, and healthcare industries continue to drive strong demand in enterprise data center activity.

While inventory grew 20.6% year-over-year from Q1 2022 to Q1 2023, available lease space declined 2% year-over-year. Chicago leads North American rankings for the most significant decrease in vacancy, from 8.2% to 6.7%. Many developers are competing for power capacity on the same existing and newly constructed substations.

Chicago benefits from its size, location, and demand from cloud service providers. It’s strategically situated in the Midwest and is the U.S.’s third-most populous city, with close proximity to end-users, expected to drive additional demand.

Land availability continues to be extremely limited in the O’Hare market, and land prices remain stable despite broader macroeconomic conditions. Demand from both data center developers and institutional industrial developers remains strong.

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.
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