ASIA PACIFIC DATA CENTRE H1 2025 UPDATE

APAC SECONDARY MARKETS

H1 25

ASIA PACIFIC SECONDARY MARKETS DELHI NCR KEY INDICATORS* 9 / 17 Operators / Data Centres 146MW In Operation

CONTACTS

SAREEN PENTA Head of Data Centre Advisory & Transactions, India Sareen.Penta@cushwake.com SHVETA MAHAJAN Director, Head of Data Centres, Industrial & Mobility, Strategic Consulting, India Shveta.Mahajan@cushwake.com

24MW / 209MW UC / Planned

44% Colo Vacancy

Operational capacity in the Delhi NCR data centre market rose from 129MW in H2 2024 to 146MW in H1 2025, marking a 13% increase. Vacancy rate, however, surged to 44% due to slower demand uptake and the commissioning of new supply. With only around 20MW expected to become operational in the remainder of 2025 and a gradual absorption of existing capacity, the vacancy rate is projected to decline in H2 2025. Overall absorption remains modest, largely driven by retail and enterprise clients, with limited hyperscale activity. This demand profile has contributed to stable colocation rents, which have remained largely unchanged over the past six months. Noida and Greater Noida continue to be the preferred destinations for data centre development, accounting for 92% of the 233MW currently in the development pipeline. These locations offer strategic advantages in terms of infrastructure and scalability. Beyond the active pipeline, an additional 360+MW is in early stages of development, with land already secured by operators for future expansion. The operators are expected to adopt a phased and demand-aligned approach to bringing new capacity online, ensuring that supply additions are paced in line with demand trends. Notably, there are no new entrants expected in the Delhi NCR market in the near term. The entire development pipeline and land reserves are held by the same nine operators who currently have operational facilities. All in all, although the Delhi NCR market has shown signs of tightening, the upcoming supply and a cautious demand environment will require operators to remain agile and responsive to evolving market dynamics.

BANGKOK

KEY INDICATORS*

NORASAK SUPHAKORNTANAKIT Head of Capital Market & Investment, Thailand norasak.sup@cushwake.com NITA ATHAKAIWALVATHI Senior Manager, Capital Market & Investment, Thailand nita.ath@cushwake.com

25 / 53 Operators / Data Centres

109MW In Operation

169MW / 515MW UC / Planned

16% Colo Vacancy

Building on strong momentum from the second half of 2024, Bangkok’s data centre market continued its rapid expansion in the first half of 2025. Over the past six months, under construction capacity surged by 267%, rising from 46MW to 169MW, while planned capacity increased by 177%, from 186MW to 515MW. Although operational capacity grew only marginally, demand remains robust, as evidenced by a drop in vacancy rates from 24% in H2 2024 to 16% by the end of H1 2025. Bangkok is increasingly gaining strategic importance and is quickly emerging as a key data centre hub in the Asia Pacific region. Investment commitments continued to rise in H1 2025. Following major announcements from AWS, Google, Microsoft, and DayOne, ByteDance declared in March 2025 its intention to invest US$8.8 billion in Thailand. This wave of high-value investments has significantly accelerated Bangkok’s development pipeline. With substantial capital inflows and anticipated deployments in the coming months, Bangkok is poised to be reclassified as a primary market. Much of this expansion is aimed at supporting the digital infrastructure for cloud computing and AI-driven workloads. However, recent geopolitical developments may pose challenges. The U.S. government’s recent announcement on its plan to restrict AI chip exports to Thailand could impact the pace and scope of ongoing and proposed developments. While the U.S. Department of Commerce is reportedly working on a revised strategy to replace the AI diffusion rule, the specifics remain unclear. Although U.S.-based firms may be granted exemptions, concerns around the unauthorized use of GPUs continue to be a key issue for U.S. authorities.

CUSHMAN & WAKEFIELD | ASIA PACIFIC DATA CENTRE MARKET OVERVIEW