Market
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 every period for two and a half years straight, from 3.3% in H1 2023 to a record 1.4% in H2 2025, even as preleasing eased slightly from a 2023 peak near 83% to 74%. That sustained scarcity has pushed ask rates from $163 to $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 just posted its first year-over-year decline since 2020, a sign the industry may be pausing to let power and grid capacity catch up.
Input Cost Pressure
US BLS via FRED · Epoch AICapacity & Demand
CBRE · public earnings filings, 2024 – 2026Bottlenecks
JLL 2026 Global Data Center Outlook · trade pressLeasing & Pricing
CBRE, H1 2023 – H2 2025Figures update as new CBRE and JLL reports are released, typically 4–6 weeks after each half-year or year closes.