Gary Wojtaszek, president and CEO of CyrusOne (NASDAQ: CONE), joined REIT.com for a CEO Spotlight video interview at REITWorld 2016: NAREIT’s Annual Convention for All Things REIT at the JW Marriott Phoenix Desert Ridge.
Wojtaszek commented on the “digital tsunami” of demand that CyrusOne anticipates in coming years. He noted that a 500 percent increase in the number of connected devices is expected in the next five years alone.
As CyrusOne’s customers become more comfortable with outsourcing their mission-critical infrastructure, lease terms have increased, according to Wojtaszek. Four years ago, CyrusOne’s average lease duration was about 2.5 years. Average lease signings since then have been for about 10 years, he noted, and they are expected to increase to close to 15 years.
Meanwhile, Wojtaszek pointed out that CyrusOne has spent about $650 million on development projects and about $140 million on mergers and acquisitions during the course of 2016.
In the United States, CyrusOne is focused on expanding in the Southeast and on the West Coast.
CyrusOne is also setting its sights on foreign markets, Wojtaszek said.
“In order to take advantage of the global needs of data and our customers’ needs, we have to go international as well,” he noted.
By Sarah Borchersen-Keto