Industry Data
Leasing, capital, and construction data for the US data center industry, tracked across CBRE's primary-market colocation reports and JLL's annual outlook since H1 2023, spanning colocation pricing, hyperscaler spend, and the supply-chain bottlenecks slowing new capacity online.
Vacancy has fallen for three straight years, from 3.3% in H1 2023 to a record 1.4% in H1 2026, even as preleasing has rebounded to 80.4% of under-construction capacity, up from 74.3% a year earlier and closing back in on the 2023 peak near 83%. That sustained scarcity has pushed ask rates from $163 to roughly $196+ per kW/month over the same stretch. Meanwhile hyperscaler CapEx guidance has more than tripled, from roughly $226B in 2024 to $725B guided for 2026, and the primary-market construction pipeline reversed its brief H2 2025 pause, surging 24.8% to a record 7.48GW under construction as developers race to convert secured power positions into deliverable capacity.
Input Cost Pressure
US BLS via FRED · Epoch AICapacity & Demand
CBRE · public earnings filings, 2024 – 2026Bottlenecks
JLL 2026 Global Data Center Outlook · trade pressTech fit-out cost, on top of shell-and-core construction
Leasing & Pricing
CBRE, H1 2023 – H1 2026Figures update as new CBRE and JLL reports are released, typically 4–6 weeks after each half-year or year closes.