INSIGHTS

US Data Center Market

Market Context

The US data center market was valued at $347.6 billion in 2024. Supply in primary markets grew 34% year-over-year to 6,922.6 MW, yet vacancy fell to 1.9% and net absorption reached 2,814 MW, up 47% over the prior year. Power availability is the defining constraint: projected demand from existing and planned data centers outpaces utility supply by approximately 50%, with power delivery timelines in established markets now running five years or more.

Our Analysis

This report draws on CBRE's H2 2024 North America Data Center Trends report, JLL's 2025 Global Data Center Outlook, and Newmark's 2025 US Data Center Market Outlook. We tracked supply, absorption, vacancy, and construction pipelines across primary markets, then mapped power constraints and capital flows to show where investment is concentrating and why.

Inside

What's inside this report.

Where the US data center market stands and what is driving growth

The market has grown faster than most forecasts projected, and the supply response has not kept pace. What that gap means for investors trying to enter.

How AI is changing what data centers need to be

Facilities built to 2022 specs are already competing for a different tier of demand. What has changed in how data centers are designed and powered.

How power availability is becoming the defining variable for investment

Why power availability has become the defining constraint in this market, and where it is concentrating new investment.

How consolidation is changing who controls access to capacity

Record M&A activity in 2024 and into 2025 is concentrating infrastructure ownership. What that means for market access and the investors trying to secure capacity.

Download Report

Inside

What's inside this report.

Where the US data center market stands and what is driving growth

The market has grown faster than most forecasts projected, and the supply response has not kept pace. What that gap means for investors trying to enter.

How AI is changing what data centers need to be

Facilities built to 2022 specs are already competing for a different tier of demand. What has changed in how data centers are designed and powered.

How power availability is becoming the defining variable for investment

Why power availability has become the defining constraint in this market, and where it is concentrating new investment.

How consolidation is changing who controls access to capacity

Record M&A activity in 2024 and into 2025 is concentrating infrastructure ownership. What that means for market access and the investors trying to secure capacity.

Download Report

Inside

What's inside this report.

Where the US data center market stands and what is driving growth

The market has grown faster than most forecasts projected, and the supply response has not kept pace. What that gap means for investors trying to enter.

How AI is changing what data centers need to be

Facilities built to 2022 specs are already competing for a different tier of demand. What has changed in how data centers are designed and powered.

How power availability is becoming the defining variable for investment

Why power availability has become the defining constraint in this market, and where it is concentrating new investment.

How consolidation is changing who controls access to capacity

Record M&A activity in 2024 and into 2025 is concentrating infrastructure ownership. What that means for market access and the investors trying to secure capacity.

Download Report