Cost
If we ask you whether you would spend more living your entire life (or even a year) in a hotel or a self-owned/rented house, the answer will clearly be the latter. This is the same case in the cloud world.
The public cloud can be considered akin to a full service hotel. They will upgrade the hardware, take care of the maintenance of the servers, data center, network, and so on. They will manage the vendors and ensure the load gets taken off you.
The CoLo (Co-Location) model is comparable to a rented apartment, where you pay for the space and the basic features, but you have to bring your own furniture (hardware). This is less expensive when compared to the public cloud, but our responsibility increases multi-fold.
A private data ...
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