CHARGED UP' WAVE THE NEXT - DATA CENTRES - RICS
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D ATA C E N T R E S
THE NEXT
‘CHARGED UP’ WAVE
CBRE RESEARCH |2020
by
02 12
CONTENTS
INTERNET OF THINGS (IOT), RISING INVESTOR
AUTOMATION AND BIG INTEREST TOWARDS THE
DATA FUELING THE DATA DC SEGMENT
CENTRE (DC) SEGMENT
04 16
DC EVOLUTION THE FUTURE OF THE DC
IN INDIA SEGMENT IN INDIA AFTER
THE COVID-19 OUTBREAK
06 20
REGULATORY PUSH TO DEFINITIONS
PROPEL THE DC SEGMENT
IN INDIA
08
TOP DC DESTINATIONS
IN INDIA: MUMBAI AND
CHENNAI
© 2020 CBRE, Inc. |1
The adoption of smart technology is accelerating globally, with IoT-powered devices becoming a
prerequisite to make our everyday tasks easier and faster. By 2025, an average person is likely to
interact with a smart device nearly 4,800 times a day1. This projection is roughly triple of where we
stand today. Considering the COVID-19 pandemic, this projection is likely to be realized sooner
than later. The rise in the number and usage of smart devices, coupled with increasing amounts
of data consumption, has led to a surge in demand for DCs. Preference towards third-party data
storage has thus been augmented in order to keep pace with the growing need to further process,
store and analyse data.
1.1. India: One of the Fastest Digitising
Economies
Rapid digitisation, a widening customer base, improving tech infrastructure and increasing
internet penetration have given a strong impetus to the DC industry in India (Figure 1.1.).
McKinsey Global Institute’s (MGI) country Digital Adoption Index between 2014 and 2017
pointed out that despite its low base, India is the second fastest digitizing economy among the 17
leading economies of the world, including Brazil, China, Indonesia and the US.
FIGURE 1.1. INDIA’S DIGITAL FOOTPRINT
INTERNET OF THINGS
(IOT), AUTOMATION
AND BIG DATA FUELING 1.26 billion
people with
697 million
total internet
500 million
smart phone
11 GB data
consumption per
USD 0.09
average cost of
THE DATA CENTRE (DC) unique digital subscribers users smart phone per 1GB of mobile
identity month data
Source: Unique Identification Authority of India (UIDAI), 2020; Telecom Regulatory Authority of India (TRAI), 2020; Ernst & Young’s report ‘Shaping
SEGMENT the New Normal’, 2020; techARC’s report ‘techINSIGHT’, 2020; cable.co.uk data, 2020; CBRE Research, Q3 2020
The above numbers are expected to rise significantly in the coming years due to increased
adoption of converged / hyper-converged infrastructure platforms and government initiatives to
develop the digital economy. Subsequently, the growing importance of Big Data, Industry 4.02, 5G and
cloud computing has led to DCs taking on an increasingly prominent role in recent times.
1.2. Data Consumption After the COVID-19
Outbreak in India
The role of DCs got further widened by the surge in data storage and processing requirements
resulting from increased levels of remote working during the pandemic period. According to the
Department of Telecom (DoT) in April 2020, India’s internet consumption rose by 13% since
the nationwide lockdown in March. The rise reflected the growing consumption of streaming
content and increase in work from home, which led to higher data demand from residential areas
as compared to commercial centres, according to the DoT.
Similarly, while India's data usage per smartphone has grown by more than 20% over the last two
years, averaging at about 11 GB / month, it has seen a further rise of about 20% - 25% within a
period of two months since the lockdown3.
1. International Data Corporation (IDC)’s report ‘Data-2025’, 2017
2. Industry 4.0 refers to a new phase in the Industrial Revolution that focuses majorly on interconnectivity, automation, machine learning,
and real-time data.
3. Ernst & Young’s report ‘Shaping the New Normal’, 2020
2 | DATA CENTRES – THE NEXT ‘CHARGED UP’ WAVE © 2020 CBRE, Inc. |3
The evolution of DCs in India can be traced back to 2007: the era of the dotcom boom, which
resulted in a growing need for DC operators (Figure 2.1.).
FIGURE 2.1. THE FOUR STAGES OF DC EVOLUTION IN INDIA
S T A G E S T A G E
1
(PRE-2007)
2
(2007 – 2012)
OUTSOURCING DATA
STORAGE SPACES
DOT-COM BOOM
DC EVOLUTION IN
Data storage requirements continued to
Corporates stored data in in-house grow exponentially; corporates moved to
servers / captive DCs outsourcing storage spaces in colocation
DCs to focus on their core business
DC growth for captive facilities at the
INDIA
highest level in the wake of the dot-com Broadband network prices continued
boom during 2005-06 to erode, resulting in exponential growth
in data production
Third-party DCs expanded their
capacities across India to meet the
growing demand for
data storage
S T A G E S T A G E
3
(2012 – 2016)
4
(2016 ONWARDS)
CLOUD AWARENESS EMERGENCE OF HYPERSCALE,
PICKED UP PACE HYPER-CONVERGED
Foreign cloud players entered India INFRASTRUCTURE (HCI)
and conducted ‘cloud computing’ AND MULTI-CLOUDS
awareness campaigns The data requirements of occupiers
Established colocation DC players started growing, resulting in operators
started improving cloud capabilities constructing hyperscale DCs
Occupiers began using colocation Occupiers are also now increasingly
services for critical applications and using hybrid cloud (colocation + private /
cloud for R&D, testing and public cloud), HCI and multi-cloud
development requirements deployments
Source: CBRE Research, Q3 2020
4 | DATA CENTRES – THE NEXT ‘CHARGED UP’ WAVE © 2020 CBRE, Inc. |5
Over the past few years, the government has launched several initiatives to promote data
localisation. These include the National e-Governance Plan (NeGP) (2006), Disaster Recovery (DR)
/ Near DR requirements (2009), GI Cloud Initiative / MeghRaj (2013), Insolvency & Bankruptcy
Code (IBC) (2016) and Storage of Payment System Data (2018). Moreover, the finalisation of the
Draft E-commerce Policy (2019), Draft Data Protection Bill (2019) and the proposed policy on DC
parks (2020) is likely to further boost demand for data storage across the country (Table 3.1.).
TABLE 3.1. A SNAPSHOT OF KEY DC-ORIENTED DRAFT POLICIES PROPOSED / IMPLEMENTED
DURING THE PAST TWO YEARS IN INDIA:
REGULATORY PUSH Policy Description
Considering the growth of digital payments, the Reserve Bank
TO PROPEL THE Storage of Payments System
Data, 2018
of India (RBI) has directed all payments providers to store data
in India to ensure better monitoring and unfettered supervisory
access.
DC SEGMENT IN INDIA A detailed policy framework has been proposed which is likely
to look into the key issues related to the e-commerce sector
including processing of data, infrastructure, marketplace,
Draft E-commerce Policy, 2019
regulations, digital economy, export promotion etc. In addition,
as per recent articles, the new revised draft also calls for setting
up a regulator for this sector.
The bill prioritises local data storage, which is expected to
Personal Data Protection Bill, enhance DC demand. Corporates are already demanding
2019 large-scale spaces for data storage in anticipation of the
clearance of the bill.
In order to improve the infrastructure and back-end value
Proposed DC Park Policy, 2020 chain, the government has recently proposed a DC park policy
to enable private sector to build DC parks across the country.
Source: CBRE Research, Q3 2020
Among all Indian states, Maharashtra, Telangana and Tamil Nadu were the first movers to release
state-specific incentives for the DC segment. Several other states have now started offering / plan
to offer incentives to DCs over the coming quarters.
6 | DATA CENTRES – THE NEXT ‘CHARGED UP’ WAVE © 2020 CBRE, Inc. |7
Recent years have seen the emergence of important new locations for DCs in India, especially
Mumbai and Chennai as they are home to multiple undersea cable landing stations.
4.1. Mumbai
Mumbai is India’s largest DC colocation market, with a total capacity of 215 MW (as of Q1 2020).
Outsourcing demand has continued to grow, driven by cloud players and technology firms looking
to cater to the high number of large financial institutions and other corporates headquartered in
the city. The nature of financial services coupled with the central bank’s regulations have resulted
in a plethora of BFSI firms housing their DCs in the country’s financial capital.
In recent years, Mumbai has witnessed high levels of new supply, on the back of large global
PE investor interest. The city also boasts of a strong project pipeline, with many established
international operators looking to expand and enter the market.
FIGURE 4.1. TOTAL DC CAPACITY IN MUMBAI BY STATUS* (IN MW)
MUMBAI
215.0MW
TOP DC DESTINATIONS
IN INDIA: MUMBAI AND 100.0MW
CHENNAI
Q1 2020 Upcoming Supply
(Q2 2020-2022)
Occupied Fitted Capacity Fitted Vacancy Shell Capacity
Source: CBRE Data Centre Solutions, Q3 2020
*Note: Only carrier neutral colocation neutral facilities are included. Chart Scale: Each block stands for 25MW
4.2. Chennai
International cloud DC players are primarily attracted to Chennai, owing to its coastal location,
which provides substantial cost arbitrage through the use of direct submarine lines. State
subsidies for DC development, coupled with Chennai being an obvious secondary or disaster
recovery site, has further boosted DC activity in the city. DC demand has been recently increasing
owing to the strong presence of domestic tech firms, resulting in the city being perceived as a
primary data storage location as well.
FIGURE 4.2. TOTAL DC CAPACITY IN CHENNAI BY STATUS* (IN MW)
CHENNAI
68.0MW
40.0MW
Q1 2020 Upcoming Supply
(Q2 2020-2022)
Occupied Fitted Capacity Fitted Vacancy Shell Capacity
Source: CBRE Data Centre Solutions, Q3 2020
*Note: Only carrier neutral colocation neutral facilities are included. Chart Scale: Each block stands for 25MW
DC activities are also gradually picking up in other major cities such as Delhi-NCR, Hyderabad,
Pune, Bangalore and Kolkata with various players planning to increase their DC footprint in these
regions, especially in the post-COVID environment.
8 | DATA CENTRES – THE NEXT ‘CHARGED UP’ WAVE © 2020 CBRE, Inc. |9
4.3. DC Rentals: India vs APAC
Given that Mumbai and Chennai are at a nascent stage in terms of DC development, rentals
range considerably in both the markets (Figure 4.3.) 4.
FIGURE 4.3. DC PRICING IN PROMINENT APAC MARKETS: A COMPARISON
Pricing (USD per kw per month)
INDIA HONG KONG
HYPERSCALE CLOUD (above 1MW) HYPERSCALE CLOUD (above 1MW)
USD115-USD140 USD170-USD200
WHOLESALE COLOCATION (500kW) WHOLESALE COLOCATION (500kW)
USD150-USD190 USD230-USD270
RETAIL COLOCATION (250kW) RETAIL COLOCATION (250kW)
USD200-USD230 USD300-USD350
TOKYO SINGAPORE
HYPERSCALE CLOUD (above 1MW) HYPERSCALE CLOUD (above 1MW)
USD128-USD157 USD138-USD158
WHOLESALE COLOCATION (500kW) WHOLESALE COLOCATION (500kW)
USD179-USD218 USD175-USD255
RETAIL COLOCATION (250kW) RETAIL COLOCATION (250kW)
USD227-USD278 USD230-USD280
4. CBRE’s, ‘Asia Pacific Data Centre Trends’, H1 2020
Source: CBRE Data Centre Solutions, Q3 2020
10 | DATA CENTRES – THE NEXT ‘CHARGED UP’ WAVE © 2020 CBRE, Inc. | 11
5.1. The global DC investment landscape
Along with rising end-user demand, CBRE expects the DC sector to benefit from investors’
emerging preference for assets providing stable income streams. Globally, the COVID-19 outbreak
has led to a shift in investor preference towards DCs. For instance, DCs were amongst the top
performing assets in the US REIT market, providing total returns of around 19.3% in the first five
months of 20205.
5.2. APAC DC investment landscape
CBRE’s 2020 Asia Pacific Investor Intentions Survey found that when it comes to preferred
alternate segments, about 30% of respondents across the region are considering investing in
DCs this year, a substantial increase from 18% recorded in 2019 (Figure 5.1.).
FIGURE 5.1. APAC’S TOP FIVE PREFERRED ALTERNATIVE SECTORS FOR INVESTMENT
2018 2019 2020
35%
RISING
30%
25%
% of respondent
INVESTOR INTEREST 20%
TOWARDS THE
15%
10%
DC SEGMENT 5%
0%
Data Centre Real Estate Student Retirement Healthcare
Debt Living Living
Source: Asia Pacific Investor Intentions Survey, CBRE Research, Q1 2020
In the past few years, direct investment in DCs was limited across the APAC region due to lack of
investable stock and relatively tight regulatory restrictions. DCs accounted for just 1.5% of the
total APAC industrial real estate investment volume between 2015 and 2019. However, investor
inclination towards the segment is expected to further increase post the COVID-19 outbreak, with
various initiatives being evaluated across countries to ensure a well-established and transparent
data regulatory framework and competitive transaction practices. CBRE’s 2020 Asia Pacific
Investor Intentions Survey found that 50% of investors polled after the Wuhan quarantine on 23
January 2020 expressed interest in DCs, compared to 27% prior to the outbreak6.
5. REIT.com (https://www.reit.com/what-reit/reit-sectors/data-center-reits), Data as of 31 May 20202.
6. Asia Pacific Investor Intention Survey, CBRE Research, March 2020. The survey was conducted between 16 December 2019 and 16 February 2020.
12 | DATA CENTRES – THE NEXT ‘CHARGED UP’ WAVE © 2020 CBRE, Inc. | 13
5.3. India’s DC investment landscape
The Indian DC segment has also been attracting investments from various investors / operators
in 2020, key instances of which include:
TABLE 5.1. KEY RECENT DEALS IN DC SEGMENT IN INDIA
Investment Investment
Period Investor Details
value (USD mn) Route
Plans to double the
Jan Built to suit
NTT 1,500 company’s DC footprint in
2020 (BTS)
India.
Plans to set up two DCs
in Telangana. The centres
A large are likely to come up in
Feb
e-commerce 1,600 Hyderabad’s Pharma BTS
2020
player City Industrial Area and
Chandenvelly Industrial Area
in three phases.
Plans to purchase more than
May A global tech 2.5% stake in Jio Platforms
2,000 Partnership
2020 player to leverage Microsoft Azure’s
cloud services.
Plans to invest in
Jul A global tech
10,000 accelerating digital services Equity
2020 player
in India.
Signed MoU with the Tamil
Jul Nadu government to set up
Adani Group 306 Partnership
2020 a DC in SIPCOT7 IT Park in
Chennai.
Plans to set up a DC park
Jul Yotta on the Singaperumal-
400 - 530 BTS
2020 Infrastructure Oragadam Highway,
Chennai.
Announced the acquisition of
Aug GPX Global Systems’ Indian
Equinix 161 Acquisition
2020 arm, which has two DCs in
Mumbai.
Source: Media Articles; CBRE Research, Q3 2020
As can be deduced from the Table 5.1., BTS8 , acquisition and equity investments remain the
preferred routes into the sector in India. Investors are also likely to form partnerships9 with
experienced operators and developers to gain exposure to the sector. This approach enables
investors to leverage their partner’s expertise in areas such as site selection, operations and
regulatory compliance. Other potential entry routes include co-mingled funds10.
7. State Industries Promotion Corporation of Tamil Nadu
8. Customized facilities for large occupiers
9. Joint venture between various DC players
10. Investment in portfolios containing other RE assets
14 | DATA CENTRES – THE NEXT ‘CHARGED UP’ WAVE © 2020 CBRE, Inc. | 15
6.1. Outlook for the Indian DC segment: The
next 12-18 months
SUSTAINED POLICY IMPETUS TO SPUR DC DEMAND:
The passage of policies such as the National E-commerce Policy and Personal
Data Protection Bill would restrict cross-border flow of data and impose
tough penalties on data breach, thereby boosting DC demand in India. More
importantly, the proposal to give DCs the coveted ‘infrastructure status’ would
place them high on the global investor radar.
Moreover, large-scale nationwide initiatives such as ‘Make in India‘, ‘Digital India’
and Smart City Mission’ are expected to propel the manufacturing sector, and
the promotion of tech resulting from these drivers is likely to further augment
DC demand. All three initiatives involve a higher scale of R&D via increased
use of tech such as AI, IoT, cloud computing, Big Data and machine learning.
These initiatives, coupled with the Budget announcements in February 2020, are
expected to further encourage private sector participation in the DC segment and
pave the way for additional institutional investment in the coming quarters. Once
THE FUTURE OF finalised, we also expect these data localisation mandates to strengthen the link
between office space leasing and DC demand over the coming quarters.
THE DC SEGMENT TRANSITION FROM CAPTIVE TO COLOCATION / CLOUD DCs:
IN INDIA AFTER THE With regulatory requirements for data storage expected to be implemented in
the coming quarters, we anticipate that corporates would now re-evaluate their
DC portfolios in the country. It is likely that select corporates would continue to
COVID-19 OUTBREAK use ‘legacy’ business applications (not attuned to cloud) and would still demand
colocation spaces; however, newer entities and start-ups are expected to propel
the demand for cloud storage. As most app-based and over-the-top (OTT) media
services also run on the cloud, the demand for hyperscale DCs is expected to
strengthen in 2020. We anticipate that tech companies, along with corporates
from sectors such as fintech, pharmaceuticals / healthcare, education and media
& content, would boost DC demand in India.
DC CAPACITY TO GROW FASTER IN 2020:
As the requirement to work from home gets extended across various corporates due to the
pandemic, the need for data storage is likely to grow further. This is expected to lead to a
substantial addition in DC stock across the seven key cities during 2020-21, causing the
country’s DC capacity to cross 600 MW. This supply addition is likely to be dominated by
global players or leading domestic operators in the cities of Mumbai, Chennai, Hyderabad
and Delhi-NCR – underlining the superior quality of DC space that is likely to be released
in the country.
16 | DATA CENTRES – THE NEXT ‘CHARGED UP’ WAVE © 2020 CBRE, Inc. | 17EDGE COMPUTING TO BECOME A PART OF DC PORTFOLIOS: 6.2. LONG-TERM OUTLOOK: INDIAN DC
With tech such as AI, IoT, Machine Learning, Big Data and cloud computing
becoming more mainstream, DC developers are increasingly redesigning their SEGMENT BY 2030
offerings with an aim to incorporate edge computing so as to process data as close
to their end-users as possible. We anticipate that cities such as Kolkata, Pune, DC DEMAND TO SURGE:
Gurgaon, Kochi and Jaipur, particularly, are likely to witness the completion of
edge DCs during 2021-23, on the back of their ability to service specific geographic Increased use of tech, social media and online streaming, coupled with a
zones. burgeoning population, is likely to boost DC demand, resulting in India becoming
one of the largest DC destinations across APAC over the next decade. For instance,
it is estimated that India would be home to more than one billion internet users by
203011, further boosting consumerism, the omni-channel presence of brands and
FUND DEPLOYMENT TOWARDS DCs TO RISE: the e-commerce sector in India. The adoption of 5G, particularly, would give a fillip
DCs were identified as one of the top five alternate investment RE options in CBRE’s to the OTT industry, thereby spurring the demand for edge computing.
APAC Investor Intentions Survey, 2020. The same survey in 2019 had highlighted
India as one of the top investment destinations across APAC. We, thus, expect that
global players would continue to take interest in investing in the country, with a DC STOCK IN INDIA TO QUADRUPLE:
focus towards backing leading operators or funding prominent developers to foray
into the DC segment in the coming quarters. Due to the ever-increasing demand for data storage, we expect domestic / global
operators to increase their DC footprint. This is likely to result in India’s DC stock
to grow from more than 500 MW to about 2,000 MW over the next decade. We also
anticipate that DCs (colocation, hyperscale and cloud) would come up in both tier
I and select tier II cities.
DCs CAN GO ‘REIT’ABLE:
With progressive interest of global investors, operators and developers in the Indian
DC segment, it is likely that the next decade may witness the inclusion of quality DCs
(with high occupancies) in future REIT portfolios.
11. World Economic Forum, 2019
18 | DATA CENTRES – THE NEXT ‘CHARGED UP’ WAVE © 2020 CBRE, Inc. | 19DEFINITIONS
COLOCATION HYPERSCALE FITTED SHELL UPCOMING
DC COLOCATION CAPACITY CAPACITY SUPPLY
KEY TERMS
A standalone building in Typically denotes large The amount of power The amount of power The amount of IT power
OVERVIEW which multiple companies power requirements (>500 available immediately in available in a DC space that available in a proposed
share space for storing kilowatts, kW) but end-user fully fitted DC space is pre-qualified for power DC facility where CBRE is
and running their IT is specifically a cloud or and telecom access and aware of business case and
equipment, akin to a multi- large tech company with amenable to DC use operator plans to develop
tenant office building or requirements for scalable
apartment complex power, storage, and cooling
WHOLESALE RETAIL “CARRIER” OR “NEUTRAL” INDUSTRIAL
COLOCATION COLOCATION COLOCATION DCs FOR DC USE ELECTRICITY CAPEX
Typically denotes large Typically denotes smaller CBRE tracks only the carrier Refers to high level As per high voltage power Refers to capex for a DC
power requirements (>500 power requirements (10kW neutral colocation markets indicative rents (not rates obtained by the build to a standard market
kilowatts, kW) to 500 kW) which excludes non-carrier specific to a site level) local grid for Q4 2019 for level offering, inclusive of
neutral facilities, system for industrial buildings larger scale industrial and land, shell and core, fit-out
integrators and self-owned occupied by DC operator commercial end-users such capex. CBRE numbers are
facilities (including the tenants as DCs high level estimates based on
hyperscale cloud) our market understanding
from project management
experience; however, final
capex numbers may vary
according to individual sites
20 | DATA CENTRES – THE NEXT ‘CHARGED UP’ WAVE © 2020 CBRE, Inc. | 21ABOUT RICS
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