2025下半年亚太地区数据中心报告

ASIAPACIFIC

DATACENTRE

H22025UPDATE

FEATUREDINTHISUPDATE

•ASIAPACIFICDATACENTREMARKETSMATURITYINDEX:

30marketscovered

•PRIMARYMARKETOVERVIEWS:Tokyo,Singapore,Sydney,Mumbai,HongKong,China,Johor,Seoul,Jakarta,Bangkok

•SECONDARYMARKETSPOTLIGHTS:Delhi,Taipei,Auckland,Manila,HoChiMinhCity,Perth

H22025

ABOUTUS

SERVICINGTHEENTIREDATACENTRE

REALESTATELIFECYCLE

OurAsiaPacificDataCentreGroup(DCG)helpsourclientsnavigatetheirdatacentrestrategiesacrosstheentirerealestatecycle.Wehavethe

experiencetoofferboththepracticalservicescapabilitiestoprovide

optimal,end-to-endcommercialrealestatesolutionsandtheproblem-

solvingexpertisetoaddresshighlycomplexITrequirementsforourclients.

Clienttypesweworkwith:

CloudServiceProviders(CSPs)

Hyperscalers

Colocationproviders

Enterpriseusers

Sectorinvestors

Developers

Landowners

SiteSelection&AcquisitionsColocation&AgencyLeasingCapitalMarkets

ResearchServicesValuations

StrategicAdvisory

Operator/PartnerSearch

MANAGEDSERVICES

ProjectPlanning

ProjectDevelopment

ConstructionDelivery

SpecialistConstructionServicesCostConsulting

TechnicalDueDiligence

IntegratedFacilitiesManagement&EngineeringServices

WhitespaceManagement

Property&AssetManagementServices

DataCentreOperationsConsultancy

AssetLifecyleManagement&ConditionAssessments

TOMGIBSON

President,DataCentreGroup,AsiaPacific&EMEA

tom.gibson@

ANDREWGREEN

HeadofDataCentreGroup,AsiaPacific

andrew.m.green@

CUSHMAN&WAKEFIELD|ASIAPACIFICDATACENTREMARKETOVERVIEW

H22025UPDATE

39%(4.6GW)oftotaIoperationaIcapacity.

With285MWofnew operationaIcapacityadded,Indiareached1.5GWandhas overtakenJapantobecomethesecond-Iargestmarketby totaIoperationaIcapacity,behindChineseMainland.

SoutheastAsiacurrentIyhoIdstheIargestshareofunder-constructioncapacityat1,123MW,accounting

for31%oftheAsiaPacifictotaI.

MalaysiaIeadstheregionwith483MWunderconstruction,

foIIowedbyThailandat347MWandIndonesiaat236MW.

Johoradded337MWofnew operationaIcapacityinH2 2025-thehighestrecordedamongaIImarkets-andison tracktosurpassthe1GWthreshoIdbytheendof2026.

ASIAPACIFICDATACENTREMARKETOVERVIEW

AsiaPacificcontinueditssharpgrowth,addingabout1,557MWofcapacitytoitsoperationaIstockduring2025.ThedeveIopmentpipeIineaIsoincreasedby5,033MWduringthesameperiod.Despitethesharp

increaseinoperationaIstock,thevacancydecIinedfrom12.4%inH22024to10.9%inH22025refIectingstrongdemandfordigitaIinfrastructureintheAsiaPacificregion.

InH22025,AIandcIoudinvestmentremainedcentraIthemesacrossAsiaPacific,butthenarrative

increasingIyshiftedfromearIy-stageambitiontowardIarge-scaIeexecutionandcapitaIconsoIidation.

HyperscaIeandAI-IeddeveIopmentsprogressedfrompIanningintoconstruction,whiIeoperators

sharpenedtheirfocusonpoweravaiIabiIity,sustainabiIity,andhigh-densitydesigntosupportnext-

generationworkIoads.Atthesametime,governmentscontinuedtoaIignpoIicywithprivate-sector

investment,aIthoughgrowingreguIatorycompIexity,energyconstraints,andgeopoIiticaIconsiderationsarebeginningtoinfIuencesiteseIectionandencouragemorediversifiedregionaIdepIoymentstrategies.

CapitaImarketsactivityacrossAsiaPacificremainedresiIientinH22025,supportedbysustained

institutionaIinterestindigitaIinfrastructuredespiteamoreseIectiveinvestmentenvironment.WhiIe

capitaIraisingthroughdebt,equity,andREITstructurescontinued,fundingstrategiesbecamemore

discipIined,withinvestorsprioritisingscaIe,baIance-sheetstrength,andcIearAI-drivendemandvisibiIity.M&AactivityremainedactivebutincreasingIyconcentratedaroundpIatformconsoIidationandstrategicacquisitionsofAI-readyandhyperscaIe-capabIeassets,ratherthanpureIyopportunisticgrowth.OveraII,thesectorcontinuedtoattractIong-termcapitaI,reinforcingdatacentresasacoreinfrastructureassetcIassamidstructuraIcIoudandAIadoptiontrends.

WhiIeroIIoutactivityamongsomehyperscaIerswasmoremeasuredinearIy2025,expansionmomentumstrengthenedfrommid-year,withcIoudserviceprovidersadvancingnewregions,zonesandAI-focusedcapacityacrossAsiaPacific,reinforcingtheregion’sroIeasacriticaIhubfornext-generationdigitaI

infrastructure.

OurH22025AsiaPacificDataCentreUpdatecoverskeynuancesofnineprominentprimarycitymarkets-Tokyo,Singapore,Sydney,Mumbai,HongKong,China,Johor,SeouI,Jakarta,andBangkok,whiIstaIsoprovidinganoverviewofsixcitysecondarymarketsofDeIhi,Taipei,AuckIand,ManiIa,HoChiMinhCity,andPerthinorderofthesizeoftheircurrentoperationaIcapacities.AIsoincIudedinthisreportisourAsiaPacificDataCentreMarketMaturityIndex(throughrefinedmethodoIogycompIementedwithadditionaIdatavaIidationefforts),whichforecaststhepotentiaIevoIutionof30marketsacrosstheregionoverthenext

decade.TheparametricbasedweightedevaIuationofthemarkets’factorsexistingandpIannedcapacities,vacancyrates,operatorpresence&scaIeandindividuaIassetIeveIbuiIdcapacities.

ForquarterlyupdatesonAsiaPacificdatacentrekeyindicatorsatacountrylevelandourtrackrecordinthesemarkets,viewour

capabilitiesbrochure

.

AsiaPacific’sdeveIopmentpipeIineexpandedby2,751MWinH22025,reaching19,371MW-3,677MWunderconstructionand15,694MWinpIanning.OperationaIcapacityroseto

13,763MW.

ChineseMainlandretaineditspositionastheIargestmarketinH22025,accountingfor

WithcurrentpipeIineandpace,Australia,IndiaandJapanisexpectedtobecome2GWmarkets,withChinesemainlandreaching5GWbyendof2028.

CUSHMAN&WAKEFIELDIASIAPACIFICDATACENTREMARKETOVERVIEW*Forallanalysis,AsiaPacificregionincludesAustralia,ChineseMainland,HongKong,India,Indonesia,Japan,Malaysia,NewZealand,Philippines,

Singapore,SouthKorea,Taiwan,ThailandandVietnamonly.

H22025UPDATE

ASIAPACIFICMATURITYINDEX

OurAsiaPacificDataCentreMaturityIndextracks30datacentremarketsacrossAsiaPacifictocomparetheircurrentmaturitystatusaswellastheirpotentialevolutionoverthenextdecade.

OurMaturityIndexprovidesastatisticalcomparisonofmarketsbasedonfifteenparameters,visuallyrepresentedintheaccompanyinggraph.It

incorporatesdataonoverallstock,includingoperational,planned,andunder-constructiondatacentres.ThemethodologyremainsconsistentwithourH22025update,evaluatingmarketsbasedonoverallstockandvacancy,thepresenceofcolocationplayersandhyperscalersandbuildcapacities,consideringtheincreasinginfluenceofAIdeploymentacrosstheregion.

Eachprimaryparameterconsistsoffivesecondaryparameters,

amountingtoatotaloffifteenfactorsusedtoassessmarketmaturity.

Datapointsforeachmarketarecompiledintoaparametermatrixand

weightedtodetermineanoverallgrowthscore,wherehigherscores

indicatestrongerfuturegrowthpotential.WhiletheMaturityIndex

reflectsthecurrentmarketlandscape,italsoservesasaforward-lookingindicatorofgrowthopportunities.Toenhancerelevanceand

understandingofscaleanddynamics,marketsarecategorizedintothefollowingfourgroups:

POWERHOUSEmarketsJohor,Tokyo,Beijing,Mumbai,Sydney,

Shanghai,andMelbournerankamongthelargestmarketsintheAsia

Pacificregion,supportedbytheirscaleofoperationalcapacity,depthofoperatorpresence,andlong-termgrowthprospects.Despitetheir

maturity,thesemarketsrecordednotableshiftsinH22025.Melbourne

advancedintothePowerhousecategory,underpinnedbyasignificant

expansioninbothoperationalcapacityanditsdevelopmentpipeline,andnowaccountsfor3%ofregionaloperationalcapacityand6%ofthetotalpipeline.

Mumbai,previouslythesmallestamongthePowerhousemarkets,rosetwopositionstobecomethefourth-largest.AsIndiaslargestandmostmaturedatacentremarket,Mumbaiiswellpositionedtocapturea

significantshareoffutureinvestment,furtherreinforcingitsroleasthecountrysprimaryhubforcloud,AI,anddigitaltransformation.

JohorhasclosedthegapandsurpassedTokyoandBeijingtobecomethelargestmarketintheregionintermsofscaleandgrowthprospects.ThisshifthasbeendrivenbyJohorsrapiddevelopmentpipeline,whichhas

outpacedpeermarketsandsignificantlyexpandedbothitsoperationalcapacityandfuturesupplyoutlook.

Takentogether,thePowerhousemarketsaccountfor55%ofAsiaPacificsoperationalcapacityand49%ofthedevelopmentpipeline.Reflectingtheirmaturityandpositionaspreferreddatacentrehubs,thesemarkets

continuetorecordalowvacancyrateofjust6.7%.

ESTABLISHEDmarketsSeoul,Jakarta,Singapore,HongKong,Bangkok,KualaLumpur,andOsaka-representthefastest-growingcategoryintheAsiaPacificregion.Whilethesemarketscollectivelyaccountfor22%oftheregionsoperationalcapacity,theycontributeahighershareofthe

developmentpipelineat28%,underscoringtheiracceleratinggrowth

trajectory.Vacancyratesacrossthesemarketsedgeddownmarginallyto12.8%inH22025,improvingbyjust0.1%pointsfromtheprevioushalf,

reflectingsteadybutmeasuredabsorptionfromenterpriseandhyperscaledemand.

ThecategorysawonenewentrantinH22025,withOsakajoiningthe

group.Osakasdatacentremarketrecordedsolidperformance,supportedbystablefundamentalsandcontinuedinterestfromoperatorsand

investors.FollowingMelbournesmoveintothePowerhousecategory,Seoulhasemergedasthelargestmarketinthisgroupbyoperationalcapacityanddevelopmentpipeline.

DEVELOPINGmarketsHyderabad,Chennai,Guangzhou,Delhi,Taipei,

Pune,andAucklandnowcomprisesevencitiesfollowingOsakas

progressionintotheEstablishedMarketscategory.Notably,fiveofthesemarketshostU.S.-basedhyperscalers,highlightingtheirstrategic

importanceandlong-termgrowthpotential.Takentogether,theyaccountfor9%oftotaloperationalcapacityandanequivalent9%ofthe

CUSHMAN&WAKEFIELD|ASIAPACIFICDATACENTREMARKETOVERVIEW

developmentpipeline,indicatingasolidandbalancedgrowthoutlook.

FollowingaperiodofslowerdemandabsorptioninH12025,vacancy

conditionsimprovedinH22025,withthecumulativevacancyratedecliningto17.7%asmarketdemandincreasinglyabsorbedrecentcapacityadditions.Hyderabadremainedthetop-performingmarketwithinthecategory,withgrowthcontinuingtobedrivenbysubstantialself-builddevelopmentsfrom

AWSandMicrosoft,alongsidesustainedandgrowinginterestfromcolocationproviders.

EMERGINGmarkets–Canberra,Bengaluru,Manila,Busan,Batam,HoChi

MinhCity,Hanoi,PerthandBrisbane–recordedonlymodestprogress,withtheircombinedsharedecliningfrom6%inH12025to4%inH22025.

Vacancylevelsacrossthiscategoryremainedbroadlyunchangedat26%,

indicatinglimitednear-termabsorption.Followingthereclassificationof

TaipeiandAuckland,Canberrahasbecomethelargestmarketwithinthis

group.Whilethesecitiesremainatanearlystageofdevelopment,operatorscontinuetoassessopportunisticinvestments,reflectinggrowingconfidenceintheirlonger-termprospects.Inaddition,severalmarketswithinthis

categoryareexpectedtobenefitfromongoingsubseacableprojects,which

shouldmateriallyenhanceconnectivityandactascatalystsforacceleratedgrowthinthecomingyears.

SUMMARY:TheAsiaPacificdatacentremarketcontinuestoexpandsteadily,underpinnedbyrisingdemandforAIandcloudservices.Thesetechnologies

areexpectedtoremaincentraltoinvestmentstrategiesforbothdatacentreoperatorsandenduserscomingto2026.

Despiteongoingmacro-policyheadwinds,includingU.S.tradeandtariff

pressures,theglobaldatacentresectormaintainedstrongmomentuminthesecondhalfof2025.Investmentanddeploymentcontinuedatrecord-settinglevels,drivenbysurgingdemandforAIandcloudinfrastructure.Capitalthatwasraisedearlierintheyearincreasinglyfounddeploymentinbothnew

developmentsandstrategicacquisitions,spurringacceleratedgrowthinlate

2025.

Lookingaheadto2026,datacentredemandisexpectedtoaccelerate

further,underpinnedprimarilybycontinuedgrowthinAIworkloads,cloud

expansion,andenterprisedigitalisation.WhileemergingtechnologiessuchasadvancedAIcomputeandautomationarebeginningtoinfluence

infrastructurerequirements,near-termdemandisexpectedtoremain

concentratedaroundhyperscaleandAI-optimiseddeploymentsratherthannascenttechnologiessuchasquantumcomputing.

(*OverallstockofmarketsshownonthisgraphincludeOperational,UnderConstruction&Plannedcapacities)

CUSHMAN&WAKEFIELD|ASIAPACIFICDATACENTREMARKETOVERVIEW

GREATERTOKYO

ASIAPACIFICPRIMARYMARKET

H22025KEYINDICATORS*

EQ\*jc3\*hps19\o\al(\s\up10(#of),12)

Centres

UnderConstruction

228MW

InOperation

1,179MW

PIanned

1,705MW

EQ\*jc3\*hps19\o\al(\s\up8(Ope),33)

rators

5.6%

CoIoVacancy

●CoIo

●HyperscaIeSeIf-buiId

MARKETOVERVIEW

TokyoremainsonefourAsiaPacificmarketswithmorethan1GWofoperationaIdatacentrecapacity,reaffirmingitspositionasacoreregionaIhub.DespitepersistentchaIIenges,incIudingIandscarcityandconstrainedpoweravaiIabiIity,Tokyo’stotaIdeveIopmentpipeIine,incIudingunderconstructionandinpIanning,grewbyapproximateIy8%year-on-year,reaching1.93GW.

LeasingactivityremainedexceptionaIIystrongthroughH22025.Vacancycompressedfrom9%inH22024to5.6%,refIectingsustaineddemandfromhyperscaIecIoudprovidersandrapidgrowthinAI-drivencomputerequirements.TheexpansionofAIworkIoads,particuIarIytrainingandIarge-scaIemodeIdeveIopment,contributedtorisingdemandforhigh-densitydepIoyments.AsaresuIt,operatorsareacceIeratinginvestmentsinIiquidcooIing,andnext-generationrackconfigurations.WithdemandcontinuingtooutpacenewsuppIytimeIines,occupiersareincreasingIyturningtopre-Ieasingstrategies,securingcapacityinadvanceratherthanreIyingonavaiIabIeinventoryatoperationaIfaciIities.ThistrendisfurtherampIifiedbythestructuraIconstraintsaroundIandandpowerprocurementintheTokyometropoIitanarea.

TokyocontinuestodominateJapan’sdigitaIinfrastructureIandscape,hoIding77%ofthenation’soperationaIcapacityand57%ofitsdeveIopmentpipeIine.Thisconcentrationunderscorestheregion’sstrategicimportanceandreinforcestheneedforIong-termpIanningaroundIanduse,powersourcing,andthedistributionofdigitaIworkIoads.ToaddresspersistentpowerIimitations,theJapanesegovernmentintroducedtheWatt-BitCoIIaborationInitiative,designedtoshiftdataprocessingtoregionswithsurpIusenergy.ThefirsttriaIIedbytheUniversityofTokyo,TEPCOPowerGrid,andFujitsu,wasIaunchedinJanuary2026,markingasignificantsteptowarddecentraIizingcomputeandeasingpressureontheTokyogrid.

JapanisacceIeratingitsstrategicinvestmentinnext-generationcomputationaIinfrastructure.InaIandmarkcoIIaboration,RIKEN(NationaIResearchandDeveIopmentAgency),Fujitsu,andNVIDIAareco-deveIopingFugakuNEXT,afIagshiphybridAI-HPCsystem.ThisarchitectureintegratesFujitsu’sMONAKA-XCPUswithNVIDIA’sGPUecosystemviaproprietaryNVLinkFusiontechnoIogy.TheinitiativetargetsahardwareperformanceIeapofover5xcomparedtothecurrentFugakusupercomputer,aimingfora100-foIdincreaseineffectiveappIicationperformance.CompIementingprivate-sectorinnovation,METIaIIocatedJPY72.5b(USD470m)acrossfivenationaIAIsupercomputingprogrammes.SakuraInternetreceivedtheIargestshareJPY50.1b(USD324m)tobuiIdAI-readyinfrastructure,strengtheningJapan’sIeadershipinsovereigncomputecapabiIities.

CUSHMAN&WAKEFIELDIASIAPACIFICDATACENTREMARKETOVERVIEW

ITLOADEVOLUTION

3,500

3,000

2,500

1,568

1,705

MW

2,000

1,346

174

949

2022

1,111

1,500

223

1,136

2024

278

1,028

2023

228

1,000

1,179

500

0

2025

OperationalU/CPlanned

SIGNIFICANTRECENTSALES

SITE/PROPERTYSIZESALEDATESALEPRICE(US$)BUYERSELLER

ColtDCSInzai4

19.8MW

Nov2025

$533M

KeppelDCREIT

ColtDataCentreServices,

CPPInvestmentBoard

TYO

JAPAN

CUSHMAN&WAKEFIELDOFFICELOCATION(S)

8.6%

77%

2.6x

ShareinAPAC

ShareinJapan

Growthby2030

*FiguresabovearebasedonoperationalITMW

H2

25

CUSHMAN&WAKEFIELD|ASIAPACIFICDATACENTREMARKETOVERVIEW

SINGAPORE

ASIAPACIFICPRIMARYMARKET

H22025KEYINDICATORS*

#ofDataCentres

50

InOperation

1,043MW

UnderConstruction

20MW

Planned

237MW

EQ\*jc3\*hps19\o\al(\s\up8(Ope),26)

rators

4.9%

ColoVacancy

●Colo

●HyperscaleSelf-build

MARKETOVERVIEW

Singaporesdatacentremarketremainedlargelysubduedthroughthesecondhalfof2025,continuingatrendofconstraineddevelopmentactivityduetolong-standingregulatorycontrolsonnewcapacity.Despitethelimitedphysicalexpansionduringthisperiod,severalmajorpolicyandinfrastructuredevelopmentsunderscoredamarketenteringitsnextphaseofhighlyselective,sustainability-drivengrowth.

AttheendofH22025,theauthoritieslaunchedthesecondDataCentreCallforApplication(DC-CFA2),makingatleast200MWofnewcapacityavailableundersignificantlymorestringentsustainabilityandefficiencycriteria.Applicantsarerequiredtosecuresubstantialproportionsofpowerfromeligiblelow-carbonsources,achieveBCA-IMDAGreenMarkPlatinumstandards,anddemonstrateleadingITandfacilityenergyefficiencyinlinewithSingaporeStandardSS715:2025.DC-CFA2thereforeservesastheprimarygatewayfornewlarge-scalecapacityandmarketentrantsinthenextbuildcycle,cementingSingaporesshifttowardfewerbutlarger,hyper-efficientandgreendatacentrecampuses.

Singaporeplanstodevelopa700MWlow-carbondatacentreparkonJurongIsland,spanningaround20hectares.AnnouncedatSingaporeInternationalEnergyWeek,theprojectwillbethecountryslargestdatacentredevelopmenttodateandcouldliftnationaldatacentresupplybyaround50%,givenSingaporecurrentlyhasabout1GWoflivecapacity.Itmarksamajorstep-changefollowingSingaporesgradualeasingofitsdatacentremoratoriumsince2023andreinforcesthecountryspushtowardsustainabledigitalinfrastructuregrowth.

Amidtightlandandpowerconstraints,operatorshaveincreasinglyturnedtounconventionalmodelstocapturenewcapacityopportunities.FirmusTechnologiessignedaMemorandumofUnderstanding(MoU)withtheMaritimeandPortAuthorityofSingapore(MPA)foranAIdatacentrecooledbyseawater.UndertheMoU,FirmusandtheMPAwillassessthefeasibilityofdeployingscalableAIinfrastructurewithinwaterfrontfacilitiesundertheMPA'sjurisdiction.

Ontheconnectivityfront,H22025sawtheBifrostsubseacablesystementerservice,deliveringthefirstdirectSingaporeUSwestcoastrouteinroughlyeightyearsandlandingataJurong-basedfacility.Thiswascomplementedbythecompletionornear-completionofseveralregionalsystems(includingEcho,SEA-H2XandSJC2),broadeningSingaporesonwardconnectivitytoIndonesia,NorthAsiaandthewiderPacific.TheseadditionsmateriallydeepenSingaporesroleasatrans-Pacificandintra-Asiahub,underpinningbothhyperscalecloudexpansionandlatency-sensitiveAIworkloads.

CUSHMAN&WAKEFIELD|ASIAPACIFICDATACENTREMARKETOVERVIEW

ITLOADEVOLUTION

1,400

237

20

287

45

216

28

357

1,200

1,000

94

MW

800

600

1,016

973

1,043

876

400

200

0

2022

2023

2024

2025

OperationalU/CPlanned

SGP

SINGAPORE

CUSHMAN&WAKEFIELDOFFICELOCATION(S)

7.6%

37.5%

1.2x

ShareinAPAC

ShareinSEA

Growthby2030

*FiguresabovearebasedonoperationalITMW

H2

25

CUSHMAN&WAKEFIELD|ASIAPACIFICDATACENTREMARKETOVERVIEW

SYDNEY

ASIAPACIFICPRIMARYMARKET

H22025KEYINDICATORS*

#ofDataCentres

50

UnderConstruction

189MW

Planned

1,102MW

InOperation

786MW

EQ\*jc3\*hps19\o\al(\s\up8(O),2)

erators

3.0%

ColoVacancy

●Colo

●HyperscaleSelf-build

MARKETOVERVIEW

Sydney’sdatacentremarketextendeditsstronggrowthinH22025,solidifyingitspositionasAustralia’sleadingdigitalinfrastructurehub.Marketfundamentalsstrengthenednotably,withvacancytighteningfrom5.2%to3.0%,drivenbysustainedhyperscaledemandandacceleratingadoptionofAIworkloads.Developmentactivityalsoremainedelevated,withthetotalunder-constructionandplannedpipelineincreasing17%to1.3GW.

Keyprojectmilestonesunderlinethescaleofongoinginvestment.MacquarieDataCentrestoppedoutitsIC3SuperWestfacility,thethirddatacentrewithinthe65MWMacquarieParkCampus,designedtosupporthigh-densityAIandclouddeployments.EdgeConneXadvanceditsfootprintthrougha50:50jointventurewithStocklandtodevelop,own,andoperateanationaldatacentreportfolio.Inparallel,ByteDancesignaledplansforapotential100MW+campusineitherNewSouthWalesorVictoria,addingtothegrowingpipelineofhyperscale-ledexpansion.

AIinfrastructuredeploymentisbecomingadefiningthemeoftheAustralianmarket.Groqcommissioned4.5MWofAIinferencecapacityforitsGroqCloudservicewithinanEquinixSydneyfacility,itsfirstAsiaPacificdeployment.TheinstallationisdesignedtoreducelatencyfornearlyhalfofGroqCloud’stwomillionglobaluserslocatedintheregionandformspartofitsbroaderglobalexpansionsupportedbysignificantinternationalinvestment.

WesternSydneyisalsoemergingasafocalpointfornext-generationAIcampuses.OpenAIsignedamemorandumofunderstandingwithNextDCtocollaborateonthe“Stargate”AIdatacentreattheplannedS7campusinEasternCreek.Thesitespansaround258,000sqmandmayaccommodateupto550MWofpowercapacity.Thepartnershiptargetsthedevelopmentandoperationofalarge-scaleGPUsuperclusteranddedicatedAIinfrastructureprecinct.

Governmentpolicyisincreasinglyalignedwithsectorgrowth.UnderAustralia’sNationalAIPlan,datacentresandassociatedenergyprojectsmaygainaccesstostreamlinedapprovalsandpotentialsupportiftheymeetforthcoming“datacentreprinciples”centredonsustainability,renewableenergyintegration,andenergy-efficientcooling.Theplanalsopositionsdatacentredevelopmentasalevertostimulatebroaderrenewableenergyinvestment.

Overall,Sydney’sdatacentremarketremainsresilientandstrategicallysignificant,buoyedbytighteningsupply,robustcloudadoption,andrisingAI-drivendemand.Thecombinationofprivate-sectorinvestmentandsupportivepolicyframeworkscontinuestoreinforceSydney’sroleasthecountry’sprimarydatacentrehub.

CUSHMAN&WAKEFIELD|ASIAPACIFICDATACENTREMARKETOVERVIEW

ITLOADEVOLUTION

2,000

1,102

1,500

810

756

MW

614

1,000

177

733

189

160

667

126

500

729

786

0

2022202320242025OperationalU/CPlanned

SYD

AUSTRALIA

CUSHMAN&WAKEFIELDOFFICELOCATION(S)

5.7%

56.4%

2.6x

ShareinAPAC

ShareinAustralia

Growthby2030

*FiguresabovearebasedonoperationalITMW

H2

25

CUSHMAN&WAKEFIELD|ASIAPACIFICDATACENTREMARKETOVERVIEW

MUMBAI

ASIAPACIFICPRIMARYMARKET

H22025KEYINDICATORS*

#ofDataCentres

52

UnderConstruction

323MW

InOperation

768MW

PIanned

998MW

EQ\*jc3\*hps19\o\al(\s\up9(Oper),20)

ators

6.3%

CoIoVacancy

●CoIo

●HyperscaIeSeIf-buiId

MARKETOVERVIEW

MumbaicontinuestobeIndia’sdominantdatacentrehub,maintainingapproximateIy50%ofthecountry’stotaIoperationaIcapacity.ThecityaIsoIeadsfuturedeveIopment,accountingfor43%ofthenationaIpipeIine,reinforcingitspositionasthecountry’smoststrategicdigitaIinfrastructuremarket.In2025,MumbairecordedasubstantiaI42%increaseinoperationaIcapacity,risingfrom542MWinQ42024to768MWinQ42025.

Despitethissignificantexpansion,vacancyremainedIowataround6%,indicatingthatnewsuppIywasquickIyabsorbedandoveraIIdemandfordigitaIinfrastructureremainedexceptionaIIystrong.ThedeveIopmentpipeIineaIsogrewby8%,reaching1,321MWacrossprojectsunderconstructionandinpIanning,refIectingcontinuedinvestorconfidenceandsustainedhyperscaIeandenterpriserequirements.

TheThane-BeIapurRoad(TBR)corridorcontinuestorepresentthecoreofMumbai’sdatacentreecosystem.Itaccountsfor72%ofthecity’soperationaIcapacityand76%ofthedeveIopmentpipeIine,makingitthemostconcentratedandpreferredcIusterforoperators.NotabIy,theTBRcIustermaintainsaIowvacancyrateofaround5%,underscoringitsenduringattractivenessforhyperscaIersandIargeenterprisedepIoymentsduetoitsconnectivity,infrastructurereadiness,andestabIishedecosystem.

Lookingahead,internationaIcIoudprovidersareexpectedtopIayapivotaIroIeinshapingMumbai’snextphaseofgrowth.MicrosoftannouncedaIandmarkUS$17.5biIIioninvestmentincIoudandAIinfrastructureinIndiaoverthefour-yearperiodstartingin2026,itsIargestinvestmentinAsia,highIightingIndia’srisingimportanceingIobaIcIoudstrategy.SimiIarIy,AmazonreveaIedpIanstoinvestoverUSD35biIIioninIndiaby2030,withAWSnotingthattheinvestmentwiIIsupportbusinessexpansionandfocusonAI-drivendigitisation,exportgrowth,andjobcreation.AsizeabIeportionofthiscapitaIisexpectedtofIowintodatacentreexpansion.

GivenMumbai’sroIeasIndia’sIargestandmostmaturedatacentremarket,itisweII-positionedt