Abstract-The design of massive MIMO, especially at millimeter waves, requires a trade-off between cost and power consumption, balancing the complexity and the performance in terms of achievable rate. A recent trend in the design is to split the pre-coding at the transmitter and the combining at the receiver into a digital and analog part, with hybrid analog-digital schemes. In this paper the effect of phase noise is considered in the design of different hybrid analog-digital alternatives to implement massive MIMO, in particular at very high frequencies. Its effect depending on the number of RF chains, oscillators, and groups of antennas is analyzed providing some insights for the system design. In order to limit the penalty introduced by the phase noise to values below 6 dB, with a number of antennas around 64, the value of phase noise increment variance should be limited below 0.005. This limit is slightly lower in a simplified architecture with more blocks driven by independent oscillators. Index Terms-Massive MIMO, hybrid pre-coding and combining MIMO, phase noise.