英文【高力国际】平衡机遇与风险

U.S.ResearchReport

2025DataCenterMarketplace

BalancingUnprecedentedOpportunitywithStrategicRisk

TableOfContents

Introduction 3

BalancingUnprecedentedOpportunitywithStrategicRisk 4

IndustryOverview&Trends 6

InvestmentActivity 6

Pricing:DomesticRentalRates 8

IncreasedDealFlow&PricingDiscovery 10

TheEmergenceofNewMarkets 12

HyperscaleDominance 14

ImpactofArtificialIntelligence 16

TheRelevanceofAlternativeEnergySources 17

Predictionsfor2025 19

IncreasedRent 19

VerticalDesign&IncreasedRackDensity 19

MultipleEmergingNewMarkets 20

NewProjectDelays 21

DomesticMarketSpotlight 22

RenotheNextBigDataCenterMarket? 22

DomesticMarketAnalysis 24

Atlanta,GA 24

Chicago,IL 26

Dallas,TX 28

Hillsboro,OR 30

LosAngeles,CA 32

NorthernCalifornia 34

NorthernVirginia 36

Phoenix,AZ 38

InternationalMarketAnalysis 40

India 40

Indonesia 42

Italy 44

London,England 46

Madrid,Spain 48

Santiago,Chile 50

Toronto,Canada 52

22025DataCenterMarketplaceReport

Introduction

Thedatacenterindustryunderwent

unprecedentedtransformationin2024,drivenbyhistoricabsorptionratesfromhyperscale

operatorsandtherapidadvancementof

artificialintelligence(AI).Vacancyratesacrossmajormarketsfelltorecordlows,intensifyingcompetitionforspaceandpowerandrequiringsignificantinvestmentsinland,development,andinfrastructure.

Aswecompiledthisreport,theannouncement

ofChina’sdisruptiveAImodel,DeepSeek,

introducedanewvariablewithpotentiallyfar-

reachingimplicationsforthedatacentersector,particularlyforhyperscaleproviders.DeepSeek

representsasignificantadvancementinnaturallanguageprocessing,withenhancedcontextual

understanding,fastermodeltrainingcapabilities,andimprovedmultilingualproficiencythat

differentiateitfromexistingAImodels.Notably,theseimprovementswereachievedwithgreaterefficiencyandlowercosts,challengingprevious

assumptionsabouttheresourceintensity

requiredtodevelopcutting-edgeAImodels.Thisdevelopmentunderscoreshowrapidlytechnologycanevolveandhowswiftlycompetitive

advantagescandiminish.Theemergenceof

DeepSeekmayleadtoincreaseddemandfor

high-performancecomputingresourcesas

companiesseektoremaincompetitiveinthe

evolvingAIlandscape.Wewillcontinuetomonitorthesedevelopmentsandprovideupdatesinourmidyearreport.

Theurgencytosecurereliablepowersourcesandacceleratedevelopmenttimelinesisat

anall-timehigh.AccordingtoGoldmanSachs,

datacenterpowerdemandisprojectedto

growbyatleast160%by2030,primarilydrivenbyAIworkloads.Manyestablishedmarkets

arealreadyatornearcapacity,compelling

tenantstoprioritizepoweravailabilityand

scalabilityovertraditionalmarketpreferences.Secondaryandtertiarymarketsaredrawing

increasedinterestdespitethesignificantcapitalinvestmentsrequired.

Investorsareeagertoparticipateinthesector’sgrowth,butsuccessrequiresmorethanavailablecapital.Navigatinginfrastructuredemands,

securingpowerresources,andmakingtimely,

decisivecommitmentsarecriticalinthishigh-

stakesenvironment.Time-to-markethasbecomeakeycompetitiveadvantage.

Thecomingyearswilltesttheindustry’s

adaptabilityastechnologicaladvancements,

powerconstraints,andevolvingdemandpatternscontinuetoshapethelandscape.

Datacenterpower

demandisprojectedtogrowbyatleast160%by2030,primarily

drivenbyAIworkloads.

–GOLDMANSACHS

U.S.ResearchReport3

42025DataCenterMarketplaceReport

BalancingUnprecedentedOpportunitywithStrategicRisk

In2024,thedatacenterindustrycontinueditsunprecedentedgrowth,shatteringpreviousrecordsandpositioningitselfforcontinuedexpansion.NorthAmerica’sthird-partyoperatorsupplygrewmorethan40%,from12.4GWin2023toover18GWin2024—notincluding

theadditional30GWofplannedcapacity1.ThisgrowthwasdrivenbytheacceleratingpaceofdigitaltransformationandthegrowingadoptionofAIacrossindustries,withhyperscalerslikeAmazon,Google,Meta,Microsoft,andOracleleadingthedemand.

1ColliersU.S.Research,datacenterHawk

U.S.ResearchReport5

DomesticThird-PartyColocationSupply2024

12,000

10,000

8,000

6,000

4,000

2,000

DallasFort-Worth

0

Atlanta

Austin/SanAntonio

Boston

Chicago

Columbus

Denver

Hillsboro

Houston

LosAngeles

Minneapolis

NorthernCalifornia

NorthernVirginia

Phoenix

Reno

SaltLakeCity

TriState

Commissioned(MW)Planned(MW)

Sources:ColliersU.S.Research,datacenterHawk,GreenStreet

Overall,poweranddatacentercapacitydemandcontinuestooutpacesupplyinkeymarkets,

drivingvacancyratestohistoriclowsand

pushingpricingtonewpeaksinprimarymarketslikeNorthernVirginia,NorthernCalifornia,

Dallas,andChicago.Newdevelopmentsare

beingrapidlypre-leased,withdatacenterHawk

reportingthatmorethan1.4GWofthe1.5GW

absorbedinNorthernVirginiain2024was

pre-leased,pushingthevacancyratebelow1%.Acrossthecountry,weestimatethatatleast70%ofnewproductispre-leased,contributingtoa

nationalaveragevacancyrateofjust2%.

However,theindustrycontinuestoface

significantpowerchallenges.Accordingto

McKinsey,theUnitedStatescouldexperiencea

datacentersupplydeficitofmorethan15GWby2030—closetothesizeoftoday’sthird-

partymarket.TherapidgrowthofAIworkloadshasdramaticallyamplifiedpowerissues,asAIconsumessubstantiallymorepowerperrackthantraditionalworkloads,puttingpressureonanalreadylimitedinfrastructure.

Withpoweravailabilitybecomingtheprimary

limitingfactorintraditionalmarkets,new

marketsareemerging,oftennearestablished

ecosystemsthatembracesdevelopment.

HillsboroandRenohavegrownasextensionsofNorthernCalifornia’smarket,whileColumbus

andMinneapolishavegainedtractionduetotheirproximitytoChicago.

62025DataCenterMarketplaceReport

IndustryOverview&Trends

InvestmentActivity:AttractiveSector

withSignificantCapitalRequirements

Aspredictedinlastyear’sreport,thedatacenterindustryattractedasurgeincapitalinvestmentsin2024,notablyshiftingtowardsjointventures,loans/creditfacilitiesandacquisitions.This

shiftreflectsthegrowingdifficultyinsecuring

speculativefinancingandtheincreasingscaleofnewcampuses,whichnowdemandsignificantlymorecapital.Alackofavailableproducthas

acceleratednewdevelopment,withlarger,morecomplexbuildsattractingrecordamountsof

capital.Nottoolongago50MWwouldhavebeenconsideredalargecampus,butnow100MW-

pluscampusesarecommon.Withconstructioncostsaveraging$11millionperMW2,acampuscannowrequireabillion-dollarinvestment—adauntingprospectfordevelopersbuilding

multiplesitessimultaneously.

Thismassivecapitalrequirementhaspromptedmajorrealestateinvestorsandprivateequity

(PE)firmstojoinforceswithoperators,

hyperscalers,andotherstrategictechnology

companiestocapitalizeontheindustry’sgrowthpotential.PerTechCapital,PE’sshareofdeal

valueshasincreasedfrom54%to80%–90%overthepastfiveyears.

Asnewplayersseektocapitalizeonsurging

AIdemand,morediversefundingmodelsareanticipated.Successwillbedeterminedbyhoweffectivelyoperatorsleveragepartnerships

tobalancetheneedformassivescalewithinnovativefinancing.AccordingtoSynergyResearchGroup,datacenterdealsclosedin

2024reached$57billion,withanadditional$29billionpending—morethandoublethe$26

billionrecordedin2023.Blackstoneprojectsupto$2trillioningenerativeAIinvestmentinthesectoroverthenextfiveyears,withhalfofthatspendingconcentratedintheU.S.

Newandunexpectedplayersarealsoentering

themarket,drawnbyaccesstoexistingpower

infrastructure.CoreScientific,forexample,is

investing$4billiontotransformitsBitcoinminingfacilitiesinDenton,TX,intoAI-focuseddata

centers.AppliedDigitalsecured$450millionfrominvestorslikeMacquarie,NVIDIA,andRelated

Companiestoupgradeequipmentandbuildoneoftheworld’slargestdatacenters,prioritizing

High-PerformanceComputing(HPC)application.

Investorscontinuetolookforuniquewaysto

gainexposuretothesector.HMCCapitalrecentlyannouncedanewASX-listedDigitalInfrastructureREITwithanenterprisevalueof$4.3billion,

encompassingassetsinAustraliaandtheUnitedStates.Thisdynamicevolutionoffundingmodelsandparticipantssignalsthedatacenterindustry’sresilienceanditsstrategicimportanceintheAI-drivenfuture.Thefollowingisadetailedchartofmoretraditionalpartnerships.

2GreenStreetDataCenterAnnualSectorOutlook2025

U.S.ResearchReport7

U.S.DomesticPartnershipsInDataCenters2024

Acquisition

Financing&Credit

JointVenture

COMPANIES

BlueOwl&IPI

DigitalBridge&Yondr

Cerberus

Capital

Management&Prime

DataCenter

AlignedDataCenters&

BlackstoneCredit

DataBank&14

LeadingDigitalInfrastructureBanksIncludingTDSecurities

Vantage

&WellsFargo

BlueOwl,

Chirisa

TechnologyParksand

PowerHouse

DataCenters

EquinixandGICtoExpandxScale

FUNDING

$1B

Confidential

$200M

$600M

$725M

$3B

$5B

$15B

PARTNERSHIP

BlueOwl’s

acquisition

ofIPI:This

acquisitionaims

toenhanceBlueOwl'sdigital

infrastructure

strategyby

integratingIPI'sportfolioof82datacenters

andacceleratingfuturegrowth.

DigitalBridge’s

acquisitionofYondr:This

strategicmove

aimstobolster

DigitalBridge's

positioninthedatacenter

marketbyleveragingYondr's

expertiseindeliveringscalable

solutions.

Primesecuredcreditfacilitytofinancetheacquisitionofdatacenter

assetsin

top-tierU.S.

markets.Thisfundingwill

supportPrime'sexpansion

strategy,

withequity

contributionsfrominvestors.

Blackstone

providedaninitial$600

millionsenior

securedcreditfacilityto

supportthe

developmentofAligned’s

newestand

largestdatacenterinWest

Jordan,Utah.

Flexible

financingvehicles

willallowa

companyto

accelerate

construction

projectstomeet

surgingdemand

fordatacenter

capacitydriven

byAIworkloads.

Vantage

secureda$3

billiongreen

loanfromWells

Fargoandjoint

bookrunnersTD

Securities,TruistSecurities,Inc.

andScotiabanktofundthe

ongoing

developmentofitsNorth

Americandatacenterplatformtotalingnearly1.4GWofIT

capacity.

ThisJVaims

toaddressthedemandfor

datacenter

capacitydriven

byAIadvance-ments.Focus

onbuildingout

tosupportGPUcloudfirm&

deploycapitalforturnkey

build-to-suitAI/

HPCdatacenter

developments.

ThisJVis

intendedto

accelerate

theEquinix

xScaledata

centerportfolio&expand

hyperscaledatacentersintheU.Sby1.5GW.

Source:ColliersU.S.Research

“Thenumberofinstitutionallendersthatarenewlyinterested

infinancingdatacentershasgrownsignificantly,drivenbythe

attractivesupplyanddemandfundamentalsandadesireto

rebalanceasset-classexposureintheirportfolios.Thisrecentsurgeindemandandawelcomedshiftinmonetarypolicywillallowthestrongmarketmomentumfordebtcapitaltocontinuein2025.”

DylanKane

ManagingDirector,Colliers

82025DataCenterMarketplaceReport

Pricing:DomesticRentalRates

In2024,U.S.datacenterleaseratessaw

lessvariationacrossdeploymenttypesand

geographicmarketsbutexperiencedsignificantincreasesfromhistoricalbenchmarks.Retail

colocationratesfordeploymentsunder500kW,whichaveragedlessthan$200/kW,including

electrical,permonthbeforethepandemic,

surgedtomorethan$250/kW,withratesas

highas$300–$400/kWinmarketslikeNorthernCalifornia.Averagedomesticpricinghas

increasedbyatleast20%.

Forlargerdeployments,wholesaleand

hyperscalecapacitypricinghasconvergeddue

tosupplyconstraintsandexpectedreturns

fornewbuilds.Wholesaleandhyperscale

deployments(morethan500kW)previously

rangedfrom$85–$110/kW,netofelectrical,andnowstandat$150–$200/kWinprimarymarketsand$125–$160/kWinsecondarylocations.Therisingcostofcapital,combinedwithamajorityofabsorptionoccurringinnewbuilds,hasdriventheseincreases.

$250

$200

$150

$100

$50

Wholesale/Hyperscale(>500kW)

Atlanta

Austin/SanAntonio

Boston

Chicago

Columbus

DallasFort-Worth

Denver

Hillsboro

Houston

LosAngeles

Minneapolis

NorthernCalifornia

NorthernVirginia

Phoenix

Reno

SaltLakeCity

TriState

$0

Note:Netofelectric

Sources:ColliersU.S.Research,GreenStreet

Low($/kW)High($/kW)

Retail(<500kW)

$400

$300

$200

$100

$0

Atlanta

Austin/SanAntonio

Boston

Chicago

Columbus

DallasFort-Worth

Denver

Hillsboro

Houston

LosAngeles

Minneapolis

NorthernCalifornia

NorthernVirginia

Phoenix

Reno

SaltLakeCity

TriState

Low($/kW)High($/kW)

Note:Includeselectric

Sources:ColliersU.S.Research,GreenStreet

U.S.ResearchReport9

Lookingahead,ratesacrossalldeploymenttypesareprojectedtoremainstableand,insome

instances,risefurtherduetopowershortages,risingenergycosts,increasedinfrastructure

expenses,supplychainchallenges,andrecordlowvacancyratesdrivenbyAIdemand.The

scarcityofavailablecapacityhasshiftedthe

pricingpowerfromtenantstooperators/

landlords.DigitalRealty’srecentearningsreportsrevealedrentalraterenewalsincreasingaround5%-15%.

“AsofSeptember,DigitalRealty)srecord$8billion

developmentpipelinewas74%pre-leased,demonstratingtherobustdemandfordatacentercapacity.This

acceleration,coupledwithrisingsupplyconstraints,hascontinuedtodriveDigitalRealtytoexecuteonourstrategicprioritiestosupportourcustomers)growingcapacityrequirements.”

AndyPowers

CEO,DigitalRealty

Thisupwardtrendismost

pronouncedinpower-

constrainedmarkets,whereratesareexpectedtoincreasesubstantially.Bytheend

of2025,wemayseemost

wholesale/hyperscaleratesapproachorexceed$200/kWduetothepersistentsupply-demandimbalance.

102025DataCenterMarketplaceReport

IncreasedDealFlow&PricingDiscovery

In2024,theFederalReserveimplemented

threeratecutsinSeptember,November,and

December,loweringthetargetfederalfundsraterangeto4.25%–4.50%.AccordingtoChatham

Financial,forwardTreasurycurvesareprojectedtodeclineslightlythroughout2025,witha

medianforecastof3.875%.Manyinstitutional

investorshadadoptedawait-and-seeapproachinanticipationofmoresignificantcuts,butthereductionswerelessaggressivethanmanyhadhoped.Whilethemarginaldecreaseinshort-

termdebtcostswillimproveprojectedreturns,itwon’tbeenoughtobridgethebid-askspreadformanydeals.

Acrossthebroadercommercialrealestate

landscape,uncertaintylingers.Thefutureoftheofficesectorremainsunclear,andindustrial’s

bullishruninrentalgrowthismoderating.

Persistentinflationhaskeptnearly$400billionindrypowdergloballyonthesidelines—doubletheamountheldaftertheglobalfinancialcrisis.

Thiscapitalisspreadacrossprivatehigh-net-

worthvehicleslikenon-tradedBREITsand

publiclytradedSREITs,aswellasinstitutional

fundsgrapplingwithpricingspreadsandcapitalcosts.Withinvestorsprioritizingrentgrowth,

datacentersareemergingasakeyfocusfor

2025.MSCIreportsthattotalsalesvolumein

2024reached$420.4billion,a9%increasefrom2023,atrendexpectedtocontinueascapital

shiftsfromotherassetclassesintodatacenters.

Theevolutionofthecapitalstackhasbeen

equallynoteworthy.In2024,globalinvestmentmanagerslauncheddatacenter-focusedREITs,includingonethatclosedtheyear’slargest

single-assetsale—aChicagofacilitysold

for$439millioninNovember.Accordingto

PitchBook,PEactivityalsosurged,withfirms

likeBlackstone,Brookfield,DigitalBridge,and

Macquarieinvestingheavilyindatacenters.Thismomentumisexpectedtocontinueinto2025,

asinvestorsremaindrawntothesector’sgrowthpotential.

U.S.ResearchReport11

Lendershavealsorampedupactivity,attractedbythesector’sstrongfundamentalsandgrowingdemand.Newandestablishedlendersalike

haveincreasedliquidityforpre-development,construction,andpermanentfinancing,

particularlyforhyperscaleprojectsthatoftenrequirenine-figureinvestments.Top-tier

developersaresecuringfavorableloantermsthankstotheir“all-world”creditratingsandthepersistentsupply-demandimbalance.

Recenttransactionsunderscorethisdynamic.InDecember2024,Serverfarmsecured$747milliontosupporta500MWexpansionofitsHoustoncampus,targetingAI-drivendemandfromhyperscalers.InSeptember,CerberusCapitalManagementprovidedPrimeData

Centerswitha$200millioncreditfacilityforU.S.marketexpansions.Meanwhile,aWellsFargo-ledsyndicateprovideda$3billionrevolving

creditfacilitytoVantageDataCentersinApril,supportingitsNorthAmericanexpansion.

Thesehigh-profiledealsreflectthedatacentersector’sgrowingappealtomainstreamlenders,whoincreasinglyviewitasaresilientand

scalableinvestmentopportunityamidbroaderrealestateuncertainty.AspowerandAI-drivendemandcontinuetoreshapetheindustry,

capitalisexpectedtofollowsuit,fuelingfurthergrowthintheyearsahead.

122025DataCenterMarketplaceReport

TheEmergenceofNewMarkets

Theshifttowardssitesnearestablishedprimarymarketshassignificantlyimpactedtheindustry,drivenbypowerlimitations,availabilityof

realestate,andcostfactors.Thesesecondary

marketsarenolongerseenasoverflowlocationsbutasstrategichubswithpowercapacitytheirprimarymarketcounterpartscan’tmatch.

Enhancedfiberconnectivity,lowpowercosts,

streamlinedentitlements,andtaxincentives

havemadetheseareasincreasinglyattractiveforhyperscaleandcolocationfacilities.

InVernon,justsoutheastofLosAngeles,

developershavefoundaviablealternativeto

thepower-constrainedLosAngelesmarket.The

area’savailablelow-costpowerandfavorable

zoninghaveattractedPrimeDataCenters,

CoreSite,andGoodmantobuylandfordatacenterdevelopments.Vernon’scurrentandplanned

capacitywillincreaseLosAngeles’smarketsizebymorethan100MW,orapproximatelyone-thirdofitsexistingsupply—asubstantialadditiontotheregion’slimitedpowersupply.

Renohasalsosolidifieditspositionasan

alternativetoNorthernCalifornia,leveragingtheTahoeRenoIndustrialCenter,a100,000-acre-

plusindustrialpark.Inthepast12months,Renoaddedmorethan400MWofcapacity,withmorethan2GWplannedoverthenextthreeyears.

Ifcompleted,thisexpansionwouldputRenoamongthetop10domesticmarketsbytotalsupply.

Meanwhile,theMidwestisseeingsimilar

growth,withIndianaandMinnesotabecomingattractivealternativestothepower-constrainedChicagomarket.Theseareasofferabundant

land,renewableenergyoptions,andproximitytoestablishedecosystems.Earlyinvestor

successhasvalidatedthesemarkets’potential,encouragingfurtherdevelopmentasthe

industrycontinuesitssearchforreliablepowerandscalableinfrastructure.

U.S.ResearchReport13

KeyU.S.DataCenterMarkets

Boston,MA

Tri-State(Connecticut,NewYork,NorthernNJ)

NorthernCalifornia

PrimaryMarket

SecondaryMarketEmergingMarket

Hillsboro,OR

Minneapolis,MN

Chicago,IL

Reno,NVSaltLakeCity,UTColumbus,OH

Denver,CONorthernVirginia

LosAngeles,CA

Phoenix,AZ

Atlanta,GA

Dallas,TX

Austin/SanAntonio,TX

Houston,TX

PrimaryMarkets

Market

MarketSize(MW)

Absorption(MW)

VacancyRate

Atlanta,GA

2,010

898

0.63%

Chicago,IL

1,100

450

1.03%

Dallas,TX

1,600

172

1.77%

Phoenix,AZ

2,050

507

1.29%

NorthernCalifornia

810

794

3.41%

NorthernVirginia

5,350

925

0.26%

SecondaryMarkets

Market

MarketSize(MW)

Absorption(MW)

VacancyRate

Austin/SanAntonio,TX

750

440

2.80%

Boston,MA

90

1

12.00%

Denver,CO

130

11

22.00%

Hillsboro,OR

575

34

0.48%

Houston,TX

210

5

6.80%

LosAngeles,CA

230

17

5.06%

SaltLakeCity,UT

360

9

0.30%

Tri-State(Connecticut,NewYork,NorthernNJ)

510

46

3.80%

EmergingMarkets

Market

MarketSize(MW)

Absorption(MW)

VacancyRate

Columbus,OH

510

425

1.00%

Reno,NV5443160.60%

Source:ColliersU.S.Research,datacenterHawk

142025DataCenterMarketplaceReport

HyperscaleDominance

In2024,hyperscalersdominatedthe

U.S.datacenterlandscape.These

companiesleveragetheirmassivesize,technologicalsophistication,operationalefficiency,strongcreditprofiles,and

globalreachtomaintainacompetitiveedge.Beyondconstructingnewfacilities,theyareleasingexistingdatacenterstomeetgrowingdemand.Theirmassive

buyingpowerhasturnedthethird-partycolocationbusinessintoaracetosecurespaceintheirpreferredmarkets.The

chartbelowdemonstratesthiscontrol.

HyperscaleCapEx2025(EstimationinBillions)

$0$50$100$150$200$250$300$350

uAmazonuGoogleMetauMicrosoft

Source:MorganStanley

U.S.ResearchReport15

Hyperscalers’siteselectiondecisionsare

reshapingthegeographyofdatacenterhubs,

drivinggrowthinpreviouslyoverlookedareas

thatofferdevelopableland,power,andspeed-to-market.In2024,hyperscalersaccounted

for80%oftotaldatacenterdemandand

occupiednearlyhalfoftheglobalcapacity.Theirexpansioninfluencestheentiretechnology

ecosystem,fromequipmentmanufacturerstoutilityproviderstolocaleconomies.Withlimitedpoweravailability,hyperscalersareopento

buildingfacilitieswith100MWormorewhereversufficientpowerandinfrastructureexists,

oftenincentivizedbytaxbreaksandaccesstorenewableresources.

Renewableenergyhasbecomeacriticalfactorinsiteselectionashyperscalersevaluatelong-termsustainabilityandpoweravailability.Allmajor

playershaveenteredintostrategicrenewableenergyagreements,highlightedbyMicrosoft’spartnershipwithBrookfieldtodevelopover

10.5GWofrenewableenergycapacityby2030

—thelargestcorporateclean-energypurchasetodateandalmosteighttimesthesizeof

thelargestsinglecorporatepowerpurchase

agreement(PPA).Thisshifttowardalternative

energyresourceswillbeessentialasdata

centersseekuniquepowerandenergysolutionstomeettheirgrowingdemand.

Withunmatchedbuyingpowerandarelentlessdriveforinnovation,hyperscalerswillremainattheforefrontofthedatacenterindustry,shapingitsfuturetrajectoryanddrivingadvancements

acrossthebroadertechnologylandscape.

162025DataCenterMarketplaceReport

ImpactofArtificialIntelligence

AIisdrivinganextraordinarysurgeindemandforhigh-density,high-poweredinfrastructure,asitsworkloadsrequiresignificantlymore

computingpowerthantraditionaldeployments.Thisshiftisinfluencingeverystageofthedatacenterprocess,fromsiteselectiontodesign

innovation.Blackstoneseestheintersectionofdigitalinfrastructureandtheneedforpowerasoneofthemostexcitingandcriticalinvestmentthemesofourtime.Blackstonealsoreported

a100-foldincreaseindatausageoverthe

past15years,withmoredatacreatedinthe

pastthreeyearsthaninallofhistory.3AsAI

adoptionaccelerates,thistrajectoryisexpectedtocontinue.

GoldmanSachsprojectsmorethan$1

trillionincapitalspendingoverthenextfew

yearsonAI-relatedinfrastructure,including

datacenters,semiconductors,andnetwork

upgrades.Hyperscalersarenolongerexpandingincrementally;theyarescalingtoanentirely

newlevel.Thetraditionaldevelopmentmodel

hasevolvedintotheconstructionoflarger

campusesdesignedtomeetAI’simmensepowerneeds.Theyrequiremorepower(kW)perrack,withinnovationslikeliquidcooling,advanced

powerdistributionsystems,andAI-drivenenergyoptimizationtomaintainefficiencyatscale.

Thisshiftisalreadyvisibleinlarge-scaleprojectsacrossthecountry.Forexample,MetaplanstoconstructadatacenterinLouisianawithmorethan2GWofcapacity.InNevada,theTahoe

RenoIndustrialCenterhasgrownintoamajorAIinfrastructurehubwithnearly1GWofavailablepower.Meanwhile,Tractisdevelopinga1.8GWdatacenterparkinArizona,withupto20millionsquarefeetofspaceacross40facilities.These

developmentsillustratehowAIisdrivingrecordlevelsofinvestment,powerconsumption,andinfrastructureexpansion.Microsoft’slong-termleasecommitmentsforitsAIexpansionhave

crossed$100billion.4

NodiscussionofAI’sinfluenceonthedata

centerindustrywouldbecompletewithout

mentioningNVIDIA.In2024,NVIDIA’smarket

valuationskyrocketedpast$3trillion,thanksto

itsdominanceinproducingdatacenterchips.Thecompany’smidyearEnterpriseAISurveyreporteda42%increaseinglobalusageofNVIDIAGPU-

poweredsystems,whichnowsupportmorethan45,000enterpriseAIprojectsworldwide.

3Klimczak,S(2024,October31).TheConvergenceofDataCentersandPower:AGenerationalInvestmentOpportunity.Blackstone.

/insights/article/the-convergence-of-data-centers-and-power-a-generational-investment-opportunity/

4Minevich

,M(2024,October28).AIDataCentersandtheNewEraofUnprecedentedDemand.Forbes.

https://www.forbes.com/sites/markminevich/2024/10/28/ai-data-centers-and-the-new-era-of-unprecedented-demand/

U.S.ResearchReport17

TheRelevanceofAlternativeEnergySources

Datacenterinvestorsandoperatorsareturningtorenewableenergysourceslikesolar,wind,andhydrotoaddressgrowingpowershortagesandstrainedinfrastructure.Aswithmanyindustry