Analytics
The leasing book
Colliers, CBRE, JLL, and Cushman & Wakefield each publish a quarterly or half-year book. Rackline keeps the latest public print from each house: vacancy, absorption, what is under construction, and what a megawatt leases for. The four counts are not averaged. A tighter vacancy at one house is a different set of buildings.
CBRE
H1 2026
North America Data Center Trends
Vacancy
1.4%
- Supply
- 10,903 MW
- H1 absorption
- 1,456.2 MW
- Under construction
- 7,481.1 MW
- Preleased
- 80.4%
Wholesale colocation power in eight primary markets.
SourceJLL
Midyear 2026
North America Data Center Report
Vacancy
1%
- Inventory
- 50 GW
- H1 absorption
- 25 GW
- Under construction
- 66 GW
- Precommitted
- 95%
All North American capacity, including halls the hyperscalers own.
SourceColliers
2026 edition, 2025 book
Data Center Marketplace
2025 absorption
15.6 GW
- Pre-leased
- 90%+
- Build-cost change
- +47%
- Power’s share of cost
- 40–50%
North American absorption and the capital stack around power.
SourceCushman & Wakefield
H2 2025
Americas Data Center Update
Vacancy
4.2%
- 2025 deliveries
- 4.0 GW
- Under construction
- 25.3 GW
- Precommitted
- ~89%
- Global pipeline, 2025
- 31.7 GW
Americas colocation. The 2026 comparison ranks markets; it does not reprint this vacancy.
SourceWhat a kilowatt leases for
JLL, North America, midyear 2026. Dollars per kilowatt per month. Smaller halls are priced with power in the rent. Larger halls are priced plus electricity.
| Requirement | Ask | Basis |
|---|---|---|
| Under 250 kW | $337 | All-in, per kW per month |
| 250 kW–1 MW | $210 | Plus electricity |
| 1–5 MW | $178 | Plus electricity |
| 5–20 MW | $166 | Plus electricity |
| Over 20 MW | $152 | Plus electricity |
JLL’s rent growth has averaged 9% a year since 2020, and new leases are carrying annual steps of 3% or more, with little given back in free rent. Texas holds 26 GW of existing and building capacity on this count. Virginia holds 13 GW.
Where the ask moved
CBRE, primary markets, first half of 2026. Change in the average asking rate, not a dollar level.
| Requirement | H1 change |
|---|---|
| 250–500 kW | +4.3% |
| 500 kW–3 MW | +7.9% |
| 3–10 MW | +8.3% |
| 10 MW and up | +6.7% |
The last dollar average CBRE published for a 250–500 kW ask was $195.94 per kW per month, H2 2025. H1 2026 published the move, not a new average.
H2 2025 ratePrimary markets
CBRE · H1 2026
Eight wholesale markets. A dash means that house did not put the figure in the public print. Atlanta led construction. Northern Virginia still led inventory and absorption.
| Market | Vacancy | Absorption | Under construction | Lease |
|---|---|---|---|---|
| Northern Virginia | 0.24% | 467.6 MW | 2,420.2 MW | $160–$185 / kW / month at 10 MW+ |
| Atlanta | — | — | 2,882 MW | 10 MW+ asks +14.5% in the half |
| Dallas–Fort Worth | — | — | 765 MW, about 95% preleased | — |
| Chicago | 2.2% | — | No 5 MW block free in 2026 | 10 MW+ asks +9.7% in the half |
| Hillsboro | 0.21% | — | 170.3 MW, over 90% preleased | 10 MW+ asks unchanged |
| New York Tri-State | — | — | — | 10 MW+ asks +19% in the half |
| Phoenix | — | More than 260 MW | — | New leases running about seven years |
| Silicon Valley | Near the lows | — | — | 10 MW+ asks unchanged |
Less than 1,500 MW of primary-market capacity under construction was still available, about six months of demand at the half’s absorption. Take-or-pay floors on reserved power are showing up between 60% and 85% of the allocation.
Market chaptersHow Cushman ranks them
2026 Global Data Center Market Comparison. One hundred seven markets, scored on fundamentals, power, land, and the rules. Dallas is first among primary markets.
- 01DallasPrimary
- 02AtlantaPrimary
- 03VirginiaPrimary
- 04ColumbusPrimary
- 05JohorPrimary
- 01Austin–San AntonioSecondary
- 01West TexasTertiary
States, on JLL’s count
Existing halls plus what is already under construction. This includes hyperscale buildings CBRE leaves out of the colocation inventory.
- Texas26 GW
Existing plus under construction
- Virginia13 GW
Existing plus under construction
Frontier markets hold 77% of the capacity JLL has under construction. Colliers puts power infrastructure at 40–50% of project cost, and says more than 90% of new capacity was spoken for before delivery.