Tracking the balance sheet behind the AI build-outArtificial Liabilities.

Infrastructure

How much is being built, and whether it fills up.

06

Data-center construction & preleasing

Data-center capacity being built, in megawatts, and how much of it is already leased.

Leading

CBRE North America Data Center Trends · North America primary markets (CBRE) (%)

SeriesLatestObservedChangeStatus
CBRE North America primary-market share of under-construction capacity preleasedmanual80.40%30 Jun 2026Prior +6.10 ppYoY +6.10 ppCurrent

CBRE North America Data Center Trends · North America primary markets (CBRE) (MW)

SeriesLatestObservedChangeStatus
CBRE North America primary-market capacity under constructionmanual7.5K MW30 Jun 2026Prior +24.8%YoY +42.7%Current

JLL North America Data Center Report · North America data centers incl. hyperscale-owned and frontier markets (JLL) (%)

SeriesLatestObservedChangeStatus
JLL North America share of under-construction capacity pre-committed (expanded coverage)manual95.00%30 Jun 2026Prior +3.00 ppCurrent

JLL North America Data Center Report · North America data centers incl. hyperscale-owned and frontier markets (JLL) (MW)

SeriesLatestObservedChangeStatus
JLL North America data-center capacity under construction (expanded coverage)manual66K MW30 Jun 2026Prior +88.6%Current

JLL North America Data Center Report · North America colocation market (JLL, pre-YE2025 coverage) (%)

SeriesLatestObservedChangeStatus
JLL North America colocation share of under-construction capacity preleasedmanual73.00%30 Jun 2025Stale

JLL North America Data Center Report · North America colocation market (JLL, pre-YE2025 coverage) (MW)

SeriesLatestObservedChangeStatus
JLL North America colocation capacity under constructionmanual7.8K MW30 Jun 2025Prior +18.2%Stale

JLL U.S. Data Center Report · United States colocation market (JLL) (%)

SeriesLatestObservedChangeStatus
JLL U.S. colocation pre-leasing ratemanual84.00%30 Jun 2024Stale

JLL U.S. Data Center Report · United States colocation market (JLL) (MW)

SeriesLatestObservedChangeStatus
JLL U.S. colocation capacity under constructionmanual5.3K MW30 Jun 2024Stale
How to read this

Warning signs

Building speeds up while less of it is leased in advance. More capacity is being built on speculation.

Keep in mind

  • Brokers define markets differently. CBRE and JLL figures are never merged.
  • Reports come out twice a year, with a delay.
07

Vacancy & net absorption

The share of finished capacity sitting empty, and how much new space tenants took up each period.

Coincident / lagging

CBRE North America Data Center Trends · North America primary markets (CBRE) (USD/kW/month)

SeriesLatestObservedChangeStatus
CBRE North America primary-market average asking rent, 250-500 kW requirementmanual196.25 USD/kW/month31 Dec 2025Prior +6.6%YoY +6.6%Stale

CBRE North America Data Center Trends · North America primary markets (CBRE) (MW)

SeriesLatestObservedChangeStatus
CBRE North America primary-market data-center supply (inventory)manual10.9K MW30 Jun 2026Prior +15.6%YoY +33.7%Current
CBRE North America primary-market half-year net absorptionmanual1.5K MW30 Jun 2026Prior +210.6%Current

CBRE North America Data Center Trends · North America primary markets (CBRE) (MW, annual)

SeriesLatestObservedChangeStatus
CBRE North America primary-market full-year net absorptionmanual2.5K MW31 Dec 2025Prior +38.0%YoY +38.0%Current

CBRE North America Data Center Trends · North America primary markets (CBRE) (%)

SeriesLatestObservedChangeStatus
CBRE North America primary-market data-center vacancymanual1.40%30 Jun 2026Prior ±0.00 ppYoY −0.20 ppCurrent

JLL North America Data Center Report · North America data centers incl. hyperscale-owned and frontier markets (JLL) (MW)

SeriesLatestObservedChangeStatus
JLL North America data-center active capacity (expanded coverage)manual39K MW31 Dec 2025Stale
JLL North America data-center half-year absorption (expanded coverage)manual25K MW30 Jun 2026Current

JLL North America Data Center Report · North America data centers incl. hyperscale-owned and frontier markets (JLL) (%)

SeriesLatestObservedChangeStatus
JLL North America data-center vacancy (expanded coverage)manual1.00%30 Jun 2026Prior ±0.00 ppCurrent

JLL North America Data Center Report · North America colocation market (JLL, pre-YE2025 coverage) (USD/kW/month)

SeriesLatestObservedChangeStatus
JLL North America colocation average asking rent, 250 kW-1 MWmanual194 USD/kW/month30 Jun 2025Stale

JLL North America Data Center Report · North America colocation market (JLL, pre-YE2025 coverage) (MW)

SeriesLatestObservedChangeStatus
JLL North America colocation inventorymanual15.5K MW30 Jun 2025Stale
JLL North America colocation absorptionmanual2.2K MW30 Jun 2025Stale

JLL North America Data Center Report · North America colocation market (JLL, pre-YE2025 coverage) (%)

SeriesLatestObservedChangeStatus
JLL North America colocation data-center vacancymanual2.30%30 Jun 2025Prior −0.30 ppStale

JLL U.S. Data Center Report · United States colocation market (JLL) (MW)

SeriesLatestObservedChangeStatus
JLL U.S. colocation inventorymanual12K MW30 Jun 2024Stale
JLL U.S. colocation half-year absorptionmanual2.8K MW30 Jun 2024Stale

JLL U.S. Data Center Report · United States colocation market (JLL) (%)

SeriesLatestObservedChangeStatus
JLL U.S. colocation data-center vacancymanual3.00%30 Jun 2024Stale
How to read this

Warning signs

Vacancy rising from record lows while take-up slows and asking rents flatten or fall.

Keep in mind

  • Power shortages limit new supply and can keep vacancy artificially low.
  • Only finished, powered capacity counts here, not announced projects.