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NYC was the epicenter of REIT activity this week, with over 100 REITs, their execs, and 1,900 attendees at the Hilton New York for NAREIT’s annual REITWeek. We dropped by Digital Realty Trust's presentation to hear what's driving the data center REIT's growth.
ISI Group’s Steve Sakwa, Digital Realty Trust’ CEO Mike Foust, Digital Realty Trust CFO Bill Stein
It's two categories, say CEO Mike Foust (center) and CFO Bill Stein(with ISI Group’s Steve Sakwa, left). Corporate enterprises and IT departments are consolidating to be more efficient and drive down costs, while more companies (especially small and mid-sized ones) are moving to the cloud. With uptick in new demand, Silicon Valley and Northern Virginia are balanced in supply/demand. Financial services continue to drive NJ and London, while European markets are 95% leased. DLR is particularly bullish about Asia-Pac, where it entered Hong Kong in a JV with Savvis in April. Here, its 650k SF Center City data center is located in a LEED Gold space at 833 Chestnut St, also home to the fantastic eco-geeks of CLR Design. Read more about REITWeek in Bisnow New York.