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Data center demand — and rent — surge in secondary markets

first_img Email Address* Share via Shortlink Tags Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Commercial Real EstateData CentersTRD Insights Secondary market Seattle is facing major growth. (Getty)As new technologies, streaming and remote work drive demand for data centers across the country, smaller markets with relatively limited supply are attracting more attention.Data center space in secondary markets rented at a rate of $134 per kilowatt per month in the second half of 2020, a significant premium from the average primary market rent of $121, according to a recent report from CBRE.While data center leasing activity slowed down somewhat due to pandemic-related budget cuts, things are expected to turn around in a big way this year, with secondary markets such as Austin, Texas and Seattle playing a major role.“Secondary markets are expected to see growth in 2021, based on companies prioritizing their digital infrastructure spend and planning to deliver requirements driven by future demand from 5G, Edge [computing] and IoT [Internet of Things] technologies,” CBRE researchers write in the report.Among established markets, the Northern Virginia data center market remains the largest in the country by a wide margin, and is also the largest in the world. The area’s 1,377 megawatts of inventory account for 48 percent of primary market supply, and a booming pipeline will boost that share even further. (Ashburn, a town in Loudoun County, is known as “Data Center Alley.”)Of the 457 megawatts of primary market data market supply currently under construction, Northern Virginia alone accounts for 61 percent, with 284 megawatts in the pipeline. Of that supply, 160 megawatts have already been pre-leased, and 250 are set to be delivered this year.In terms of floor area, power density at data centers has risen significantly in recent years and is generally in the 250 to 300 watts per square foot range.The second-largest data center market in the country is Dallas, with 361 megawatts, and a rather high vacancy rate of 18 percent. That figure is likely to fall amid “an uptick in enterprise leasing in 2021,” CBRE analysts write, “as Dallas has historically been a market dominated by enterprise and Fortune 1000 users.”The third largest market, Silicon Valley, has a record low vacancy rate of just 2 percent and the highest asking rents among primary markets. Chicago was the only major market to see vacancy rates increase in 2020.The Atlanta area, with relatively affordable land and good prospects for future demand, has recently attracted attention from major cloud computing providers. Microsoft is planning a major data center expansion in the area and also acquired 90 acres for a new campus.Read moreReal estate for data centers is having a momentByteDance inks massive data-center deals in USData centers poised for record year of leasing Among secondary markets, Seattle led the way with the most leasing activity and inventory under construction in 2020, followed closely by Austin. Boston commands some of the highest asking rents in the country, and CBRE notes that “several major cloud providers plan to provide local cloud resources in Greater Boston that could make them the dominant consumers of space in 2021 and beyond.”Other secondary markets like Omaha, Nebraska; Des Moines, Iowa; and Columbus, Ohio may also attract more interest in the near future “due to their closer proximity to other Midwestern metros than traditional primary markets,” the report says.One big driver of investor interest in data centers has been the strong performance of data center REITs, which saw returns of 20 percent in 2020 while the REIT sector as a whole fell by 5 percent.“With more investors targeting data centers and limited opportunities of scale, yields compressed,” the report says. One of the major data center deals of the past year was Blackstone’s joint venture acquisition of eight single-tenant data centers totaling 1.3 million square feet, valued at $293 million.While average data center rents have declined steadily since 2014, CBRE expects prices to stabilize soon — at least for higher-quality, better-connected properties. “Older less-connected assets will continue to see average prices decline.”The rise of edge computing in particular — a paradigm that involves putting computing resources closer to end users’ locations rather than in “the cloud” — is likely to drive demand for data centers in a wider range of secondary markets.“Secondary markets with strong telecommunications, competitive energy, favorable tax structures and strong network connectivity are well positioned to evolve with future technology drivers, paving the way for new edge deployments,” the report says.Contact Kevin Sun Message* Full Name*last_img read more

CMIP6/PMIP4 simulations of the mid-Holocene and Last Interglacial using HadGEM3: comparison to the pre-industrial era, previous model versions and proxy data

first_imgPalaeoclimate model simulations are an important tool to improve our understanding of the mechanisms of climate change. These simulations also provide tests of the ability of models to simulate climates very different to today. Here we present the results from two brand-new simulations using the latest version of the UK’s physical climate model, HadGEM3-GC3.1; they are the mid-Holocene (∼6 ka) and Last Interglacial (∼127 ka) simulations, both conducted under the auspices of CMIP6/PMIP4. This is the first time this version of the UK model has been used to conduct palaeoclimate simulations. These periods are of particular interest to PMIP4 because they represent the two most recent warm periods in Earth history, where atmospheric concentration of greenhouse gases and continental configuration are similar to the pre-industrial period but where there were significant changes to the Earth’s orbital configuration, resulting in a very different seasonal cycle of radiative forcing. Results for these simulations are assessed firstly against the same model’s pre-industrial control simulation (a simulation comparison, to describe and understand the differences between the pre-industrial – PI – and the two palaeo simulations) and secondly against previous versions of the same model relative to newly available proxy data (a model–data comparison, to compare all available simulations from the same model with proxy data to assess any improvements due to model advances). The introduction of this newly available proxy data adds further novelty to this study. Globally, for metrics such as 1.5 m temperature and surface rainfall, whilst both the recent palaeoclimate simulations are mostly capturing the expected sign and, in some places, magnitude of change relative to the pre-industrial, this is geographically and seasonally dependent. Compared to newly available proxy data (including sea surface temperature – SST – and rainfall) and also incorporating data from previous versions of the model shows that the relative accuracy of the simulations appears to vary according to metric, proxy reconstruction used for comparison and geographical location. In some instances, such as mean rainfall in the mid-Holocene, there is a clear and linear improvement, relative to proxy data, from the oldest to the newest generation of the model. When zooming into northern Africa, a region known to be problematic for models in terms of rainfall enhancement, the behaviour of the West African monsoon in both recent palaeoclimate simulations is consistent with current understanding, suggesting a wetter monsoon during the mid-Holocene and (more so) the Last Interglacial, relative to the pre-industrial era. However, regarding the well-documented “Saharan greening” during the mid-Holocene, results here suggest that the most recent version of the UK’s physical model is still unable to reproduce the increases suggested by proxy data, consistent with all other previous models to date.last_img read more

Ocean City Council Delays Vote on ‘Coastal Cottages’ Ordinance

first_imgMarie Hayes, another local resident who criticized the Costeria cottages, called them tall, narrow homes with no backyards. However, members of City Council aren’t quite so sure how they feel about “coastal cottages,” a new type of housing that has polarized the community and generated litigation. Hartzell said after the meeting that he owns two pieces of property within the Drive-in Business Zone. Speaking to reporters, Hartzell noted he has hired an attorney to determine whether his ownership of the property constitutes a conflict of interest. Council President Keith Hartzell said the ordinance will be considered again at the May 26 meeting. Hartzell added that he doubts he has a conflict because his property is too small to develop and he would gain no financial benefit even if he opposed the coastal cottages. Councilwoman Karen Bergman expressed hope that the extra time would allow Council a chance to scrutinize the ordinance and come back with something that “makes sense.” The city plans to demolish the BP station and convert the property into green space and a parking lot. A former councilman who owns property where two coastal cottage projects would be built disclosed Thursday that he has filed a lawsuit against the city to challenge the ordinance. The city is in talks to acquire an old Getty station next to the BP property. If the city buys the Getty site, the station will be demolished and transformed into green space. City Council originally approved the concept of coastal cottages in 2013 as a way to attract more year-round families to town. The cottages were envisioned as a smaller, more affordable type of housing that would appeal to young families looking to buy their first home. The city originally proposed clustering the cottage projects within the Drive-in Business Zone, an area concentrated along Haven Avenue in the center of town. But the proposed ordinance would eliminate the cottages from the Drive-in Business Zone.Flood owns property at 16th Street and Haven Avenue that currently serves as the site of the Ocean City Chevrolet dealership. Plans call for developing two coastal cottage projects there once the dealership’s lease expires in four and a half years, Flood explained. In other business Thursday night, Council gave final approval to a $475,000 bond ordinance that will finance the purchase of an abandoned former BP gas station on the Ninth Street entryway. By Donald WittkowskiSome people love them, while others loathe them. Previously approved cottage projects would be grandfathered in under the proposed ordinance. No new projects would be allowed. Removal of the blighted BP property is part of the city’s efforts to clean up three abandoned gas stations along the Ninth Street corridor, the main artery in and out of town. Flood also believes that Hartzell and Councilman Tony Wilson should recuse themselves from voting on the issue because of alleged conflicts of interests. One local resident, Bill Hartranft, ridiculed the cottages as expensive “rowhouses.” However, the arrival of the Costeria project brought complaints that the cottages were too big, too closely bunched together and too expensive. They went on the market in late 2014 with a sales price ranging from $499,900 to $649,900. Antwan McClellan, the only Council member to vote against tabling the ordinance, said he wants to see it changed by the city’s Planning Board to reflect feedback from the community. Wilson, meanwhile, did not vote when Council tabled the ordinance. He told reporters that he recused himself because his plumbing and heating company is located within the cottage redevelopment zone. Carmen Costanza, a local contractor who is building the cottages for Costeria, defended the project. He joined Flood in calling on Council to rescind the ordinance. Responding to public criticism of the Costeria project, Costanzo said the cottages offer attractive, affordable housing and plenty of open space between each home. He said that of Costeria’s 18 homes, 16 have been sold so far.“It’s a cute, little development,” Costanza said. “No one feels they are on top of each other. Rowhome is a mischaracterization.” Appearing before Council at Thursday’s meeting, Flood urged the members to kill the ordinance. He argued that it would constitute “illegal spot zoning” against the cottages. However, Council and Mayor Jay Gillian believe the cottages should be studied following questions about their sales price, larger than expected size and potential impacts on the surrounding neighborhoods. Councilman Peter Madden, who recommended tabling the ordinance, said it should be re-evaluated and possibly replaced with a new version. A former Exxon station across the street from the BP and Getty sites is slated for redevelopment into a new multimillion-dollar office for the Ocean City real estate firm Keller Williams. Council was expected to give final approval Thursday night to a proposed ordinance that would have dramatically slowed down the development of the cottages, but instead tabled the measure for further discussion. “Half a million dollars for a rowhouse is laughable,” Hartranft told Council during the public comment session on the cottage ordinance. John Flood, who served on Council from 1988 to 1996, also revealed he has filed a petition with the City Clerk’s Office opposing the ordinance. He said the petition contains the signatures of at least 20 percent of the property owners within the development zone where the cottages are currently allowed.last_img read more

Linda Lusardi at Bakers’ Fair

first_imgActress, presenter and former model Linda Lusardi is to present the competition trophies at Bakers’ Fair Spring, so don’t forget to get your entries in.Taking place at Newbury Racecourse on Sunday 10 April, the new event for 2011 will play host to the National Association of Master Bakers’ Bakery Competitions – available to all bakers – consisting of seven classes for bakers and three classes held jointly with the National Federation of Meat and Food Traders.The bakers’ classes include: a celebration cake inspired by the Royal Wedding; cupcakes and hot cross buns.The joint categories will pit bakers against butchers in a contest to make the best hot crust pork pie, cold-eat meat pasties and six-inch sausage rolls.See www.bakersfair.co.uk for more information.last_img

Full of Eastern Promise: Soboro Bakery, Cambridge

first_imgSoboro Bakery made its world debut in the UK two months ago at The Lion Yard Shopping Centre, Cambridge.The operation is part of Japanese food chain Wasabi, which runs more than 50 restaurants and sushi bars. Wasabi already has two outlets in Cambridge and was confident there would be a market for Japanese and Korean baked food in the city.“We’ve known for some time that Japanese and Korean baking is some of the best in the world and we’ve also known the British public is welcoming and adventurous when it comes to new styles of food, so it seemed the right time to introduce Soboro to the UK,” says Soboro marketing head Anthony Eadon.“Cambridge’s proximity to London is an advantage. It has a strong foodie community, a vibrant tourist scene, and, of course, thousands of students who are always happy to try new things.”Soboro, which is named after a Korean bun, offers a range of Japanese and Korean delicacies and a selection of British favourites.Made fresh every day by a team of patissiers and bakers, the line-up includes best-sellers chicken curry doughnuts, azuki bean buns, chicken katsu sandwiches and matcha tarts.“Some items on our menu will be familiar to most customers, but, of course, with a Korean and Japanese twist,” explains Eadon.“For example, our chicken katsu sandwich is a delicious advance on your average chicken sandwich; and our matcha tart is very unusual for a high street bakery but they’re flying off the shelves in Cambridge.”The bakery’s equipment includes a Rondostar Eco Pastry Laminator and a Hobart mixer.  The site was designed by Japanese interior architecture firm Doyle Collection in collaboration with Dong Hyun Kim, who founded Wasabi in 2003. The wood-panelled bakery offers customers a place to relax and has an extensive grab-and-go area.“From day one, the atmosphere at Soboro has been welcoming, with a relaxed and calming element,” Eadon adds. “The seating area is contained, so customers can take a break with their food, but we also wanted a fast-paced takeaway area that works well.”Kim started in Camden market and ran several stalls before setting up Wasabi. He has since built the business up to 53 sites across the UK and US. There are also hopes to expand Soboro in the UK and overseas, but the business first wants to see how the site in Cambridge fares.Soboro Bakery, CambridgeWho: Dong Hyun Kim, founder of Wasabi and Soboro Bakery. Born in South Korea, he spent time in London setting up European, British and Japanese stalls at Camden market, and then moving on to create Wasabi and now Soboro Bakery. The business operates 53 sites across the UK and the US.What: The launch of Soboro Bakery. The 75-cover site serves Japanese and Korean baked goods, as well as some British favourites.Where: 17-18 Petty Cury, The Lion Yard Shopping Centre, Cambridge, CB2 3NEWhen: The bakery opened for business on 14 July 2017Why: “Mr Kim is always coming up with new ideas and is always experimenting. He wanted to try something new and different.”Baked in-store: “Our products such as pastries and croissants are baked every morning. We also have a kitchen downstairs at the site for preparing wraps and sandwiches.”Matcha: “We’ve been surprised at how crazy people have been going for matcha. Nobody else in Cambridge offers it. If you offer something new, you are always going to attract attention.”Interior design: “Our style is inspired by Wasabi. The fixtures and fittings were created by architect firm Doyle Collection in collaboration with Wasabi founder Dong Hyun Kim.”Japanese twist: “Our food offer is very different. We’ve some traditional favourites, but people who come in for something familiar often leave with something they haven’t tried before.”Logo: “We wanted to emphasise the unique offering of Japanese and Korean fusion with thought and personality. It has helped establish a distinctive brand identity which reflects our ethos.”Dining experience: “The seating area is contained, so that customers can take a break with their food, but we also wanted to ensure we could have a fast-paced takeaway area.”…Soboro BakeryFeatures of Soboro Bakeryfocallength 4.15flash 24cameramake Appleheight 2448fnumber 2.2exposuretime 0.02dir: 133alt: 13lat: 52.205414long: 0.121178orientation 1camerasoftware 10.3.3originaldate 8/16/2017 5:02:54 PMwidth 3264cameramodel iPhone 5sfocallength 11flash 16cameramake Canonheight 5792fnumber 11exposuretime 0.6camerasoftware Adobe Photoshop Lighoriginaldate 8/26/2017 5:11:52 AMwidth 8702cameramodel Canon EOS 5DSfocallength 11flash 16cameramake Canonheight 5792fnumber 11exposuretime 0.5camerasoftware Adobe Photoshop Lighoriginaldate 8/26/2017 6:13:16 AMwidth 8693cameramodel Canon EOS 5DSfocallength 4.15flash 24cameramake Appleheight 2448fnumber 2.2exposuretime 0.01dir: 88alt: 11lat: 52.205283long: 0.121058orientation 1camerasoftware 10.3.3originaldate 8/16/2017 5:07:29 PMwidth 3264cameramodel iPhone 5sfocallength 12flash 16cameramake Canonheight 1215fnumber 14exposuretime 0.6camerasoftware paint.net 4.0.13originaldate 8/26/2017 6:40:18 AMwidth 1212cameramodel Canon EOS 5DSfocallength 4.15flash 24cameramake Appleheight 2448fnumber 2.2exposuretime 0.02dir: 86alt: 10lat: 52.205414long: 0.121172orientation 1camerasoftware 10.3.3originaldate 8/16/2017 5:07:56 PMwidth 3264cameramodel iPhone 5slast_img read more

Firefighters contain Hiwassee River Fire in Cherokee County Murphy, NC

first_imgThe US Forest Service urges the public to practice caution as they visit the national forests. Visitors are asked to follow guidance under the burn ban and consider postponing their camping trips. Firefighters worked yesterday to complete burnout operations. Burn out operations helped to contain the fire by consuming the unburned fuel between the active fire and the control lines. Approximately 12 firefighters from the US Forest Service are on scene today to monitor the fire area and extinguish any remaining hot spots near the fire lines.  Weather conditions are favorable today for firefighters to finish operations, with cloudy conditions and higher humidity. No additional fire behavior is expected. Unless conditions change, this will be the last update for the Hiwassee River Fire.  Firefighters have fully contained the Hiwassee River Fire near Lake Appalachia Dam in Cherokee County. The Hiwassee River Fire was reported on Sunday afternoon and is burning in a steep area near Lake Appalachia, on both US Forest Service and Tennessee Valley Authority (TVA) lands. The Hiwassee River Fire remained at 80 acres and is now 100% contained. While the cause of the fire remains under investigation, it is suspected to be arson. If you see something, say something. If you know of someone deliberately setting fires, call 911. We are in spring wildfire season. Fire danger is expected to remain high across Western North Carolina this week. Due to these extended hazardous fire conditions, the North Carolina Forest Service issued a ban on all open burning for 32 Western North Carolina counties. The burning ban went into effect on April 3, and will remain in effect until further notice. For more information, visit https://ncforestservice.gov/news_pubs/newsdesk_2020.htm.  Photo from Getty Imageslast_img read more

Buttoning down compliance using automation

first_imgThis is placeholder text continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Regulatory compliance monitoring can be automated reliably up to a point. Technology has made it far easier for most credit unions to button down the compliance required around onboarding members and initiating loans, notes Marcus King, VP/audit and compliance for Credit Union Audit and Compliance Group, Birmingham, Alabama.“The software for those activities will alert a staff person or an online program when a compliance fault occurs—and even prevent the process from continuing until it is fixed,” he explains. Most CUs have this technology, he adds.The rewards of automation can be huge, especially around high-volume transactions. Regulations require CUs to have strong fraud detection and prevention systems. Automation tools can study patterns in members’ payments and create templates that detect “suspicious” (out-of-the-ordinary) payments and trigger alerts for people to process.The problem, according to Amber Sutherland, SVP/sales at Silent Eight, a regulatory technology company with locations around the world, is that you get a lot of false positives that still require too much staff time to investigate. But artificial intelligence, she claims, can automatically apply more data and more sophisticated analysis to shrink dramatically the number of alerts that are really suspicious.center_img This post is currently collecting data…last_img read more

Moving with the times

first_imgTo access this article REGISTER NOWWould you like print copies, app and digital replica access too? SUBSCRIBE for as little as £5 per week. Would you like to read more?Register for free to finish this article.Sign up now for the following benefits:Four FREE articles of your choice per monthBreaking news, comment and analysis from industry experts as it happensChoose from our portfolio of email newsletterslast_img

PLN profit nosedives 63 percent as costs soar

first_imgAs a result, the company’s electricity sales reached 245.52 terawatt-hours in 2019, up 4.65 percent from the previous year.PLN’s statement added that the company increased its installed power generation capacity by 8 percent to 62,234 megawatts (MW) and its electric network by 11.5 percent to 59,817 circuit kilometers last year.However, analysts warn that at least two of PLN’s ongoing programs this year presented risks for the electricity company’s post-pandemic financial recovery.The first program is PLN’s free and discounted electricity scheme for 31 million of Indonesia’s poorest households. The three-month scheme was expected to cost Rp 3.5 trillion but the government recently announced it would be extended by another three months until September.Government representatives said the state would reimburse PLN but did not mention a timeline. The government still owes PLN Rp 48 trillion for subsidies incurred in 2018 and 2019, said a company executive.“[The profit recorded in 2019] does not close the possibility of PLN making a loss this year,” energy economist Fahmy Radhi of Gadjah Mada University (UGM) said in a statement on Tuesday.The second program is PLN’s Take-Or-Pay policy, in which the company guarantees buying a certain amount of electricity from independently owned coal-fired power plants — even when demand collapses, like what is now happening in the pandemic.The Institute for Energy Economics and Financial Analysis (IEEFA) estimates in a recent report that payments to such independent power producers (IPP) will become PLN’s largest operating expense by 2021, exceeding the company’s own spending on fossil fuels.“The COVID-19 crisis has upended Indonesia’s financial settings and PLN’s dealings with the Indonesian public and global markets will need to be adjusted to face a new reality,” said IEEFA Asia director for energy finance studies Melissa Brown.Previously, PLN president director Zulkifli Zaini said in April that the company expected this year’s demand to decline by 9.7 percent from the initial target, as emergency measures imposed by the government to halt the spread of COVID-19 had paralyzed many business activities.“Each 1 percent fall in electricity demand means PLN’s revenue falls Rp 2.8 trillion, as a rule of thumb,” Zulkifli told lawmakers via video conference.He projected the company’s revenues to reach Rp 257 trillion this year, 14.7 percent below the initial target of Rp 301 trillion.Topics : State-owned electricity company PLN’s net profit nosedived last year as a result of higher tax expenses and operational costs that had offset its higher income, according to the company’s annual report released on Monday.PLN booked a net profit of Rp 4.32 trillion (US$292.4 million) in 2019, lower than Rp 11.56 trillion in 2018 even though revenue grew 4.67 percent year-on-year (yoy) to Rp 285.6 trillion from improved electricity access in Indonesia. The company also recorded an income of Rp 73.9 trillion from state reimbursements.“[We] added 3.8 million customers,” PLN spokesperson I Made Suprateka said in a statement on Monday, adding that PLN’s consumer base now stood at 75.7 million users. The company’s operating costs rose slightly by 2.3 percent yoy to Rp 315.4 trillion in 2019, but tax expenses ballooned 2.6-fold to Rp 21.8 trillion over the same time period.Company representatives did not respond to questions about its higher tax expenses. The spokesperson also hinted that the higher sales revenue was notable “under the condition that electricity tariffs did not rise in 2019,” suggesting that increases were mainly driven by the wider customer base.PLN and the government raised Indonesia’s electrification ratio — defined as the portion of neighborhoods that can switch on a lightbulb — to a historical high of 98.89 percent in 2019. last_img read more