Systems, apparatuses, and methods for performing efficient power management for a multi-node computing system are disclosed. A computing system includes multiple nodes. When power down negotiation is distributed, negotiation for system-wide power down occurs within a lower level of a node hierarchy prior to negotiation for power down occurring at a higher level of the node hierarchy. When power down negotiation is centralized, a given node combines a state of its clients with indications received on its downstream link and sends an indication on an upstream link based on the combining. Only a root node sends power down requests.