CBRE's North America Data Center Trends report for the second half of 2025 shows leasing demand reached record levels, with vacancy rates in primary markets falling to historically low levels as AI infrastructure investment accelerated. The report identifies Northern Virginia, Phoenix, Chicago, Dallas, and Silicon Valley as the most supply-constrained markets, with new deliveries absorbed quickly upon completion. Pre-leasing of under-construction capacity is running at elevated rates, with hyperscalers and large enterprise tenants committing to space before projects break ground. CBRE expects the supply-demand imbalance to persist into 2027, sustaining upward pressure on colocation pricing.