This conference paper explores the ever-changing dynamic of air-cooled versus water-cooled systems. While water-cooled systems still often reduce the building energy use, there have been dramatic improvements in air-cooled chiller performance. There is increasing concern with fresh water scarcity as we acknowledge the cost and energy consumption required at desalination and water treatment plants. And there’s major growth of renewable power generation in the grid energy mix which affects both the process water use and greenhouse gas emissions. The market’s demand for sustainability, energy efficiency, and water efficiency must be weighed carefully as competing interests continue to evolve over the next decade.