> **来源：[研报客](https://pc.yanbaoke.cn)** # Global Data Centre Index 2025 # Contents Foreword 03 Executive Summary 04 Introduction & Methodology 05 Key Definitions 06 Section I: Global Growth 07 Section II: Regional Growth 12 Regional Live Supply Growth 13 Regional Pipeline Supply Growth 15 Regional Early Stage Supply Growth 18 Global Live Supply Growth Projections 20 Section III: Americas Regional Focus 22 Regional Supply Growth 23 Qualified Supply Projections 25 Americas Growth Index 26 # Foreword The 2025 edition of the Global Data Centre Index, clearly shows three key trends—demand is stronger than ever, investor appetite for digital infrastructure is increasing, but the industry faces a serious challenge in its ability to meet both current and future demand. The lack of available power for ever larger data centre schemes is possibly the most talked about challenge in the data centre sector. This year, our research provides tangible evidence that a lack of available capacity within the grid has started to have an impact on the rate of development. Our data shows that an accelerating commitment to develop new data centre capacity is not coinciding with an increase in projects under construction. This trend, first observed in the APAC region in 2023, can now be seen in the United States, where a hitherto uninhibited rate of increase in construction began to flatten out in mid-2024. The slowdown in the rate of construction commencing is in complete contrast to demand, with record global take-up increasing by $30\%$ on 2023 figures for a total of 12,975MW across both colocation and self-build schemes. Public cloud remains the largest user of space with $52\%$ of known take-up. While AI has been discussed as a major driver of demand for digital infrastructure, dedicated AI deployment only accounted for $11\%$ of take-up. Demand from AI take-up is however increasing rapidly and has roughly doubled each year since 2022. There are several possible outcomes for the sector. Excess demand and a constrained supply pipeline will in the short term most likely lead to continued increases in colocation rents which we have already observed in EMEA and Americas regions, and which we predict will also follow on to APAC in the near future. A special thanks to the analysts of DC Byte who patiently reviewed seven-and-a-half thousand data centre schemes over the past year to produce this report. I hope you find it as informative as we have. # Ed Galvin Founder and Chief Evangelist # Executive Summary The fundamental driver of the data centre sector, demand for IT capacity, has never been stronger. But the very success of the industry places a new challenge for its participants to solve the emerging supply challenge. The ability of developers to bring to market enough supply to keep pace with demand is showing clear signs of challenge in our latest analysis. Live Supply grew by 26GW from 2019 to 2024, a $30\%$ increase in the rate of growth seen from 2018 to 2023. Since 2019, new capacity delivered each year has increased by 2.2x. - The rate of new schemes commencing construction between 2019 and 2024 has increased by $4\mathrm{x}$ , generally trending with the increase in live capacity. In the past 18 months, however, growth of the Under Construction pipeline has slowed. - New committed schemes in 2024, have increased by $3.7\mathrm{x}$ since 2019 and is far outpacing the growth in Live and Under Construction capacity. That, combined with the trends in the Under Construction pipeline, illustrates the current bottleneck the industry is experiencing in efforts to bring future capacity to market. At the end of 2024, the distribution of new live supply growth has favoured the United States with $62\%$ of IT power being built in the region in 2024 compared to $50\%$ in 2023. Before 2023, the distribution of new IT capacity across EMEA, APAC and Americas regions remained broadly proportional at $25\%$ , $25\%$ and $50\%$ respectively. On the demand side, take-up of all capacity (both self-build and colocation) jumped by $29.8\%$ compared to 2023 and continues an unbroken chain of year-on-year increases since 2015. The ability for the industry to service such demand is becoming strained, with space increasingly sold further up the development pipeline. - Sold Live Supply has increased by 2.3x since 2019 while the amount of capacity sold while under construction has increased by 2.8x. Space sold before construction saw the steepest growth, increasing by a staggering 33x. - Rents have consequently increased in the most developed markets globally, but has not surfaced as a universal trend, with APAC yet to be fully impacted by this. The Americas remain the global leading region on all accounts of supply, with $87\%$ of total tracked capacity within the United States. The market now witnesses the impact of generative AI and high-performance computing demand needs, stacked on the continuing surge in hyperscale and cloud activity. Supply challenges—particularly power constraints—in the primary markets across North America are leading to significant growth in formerly alternative markets. - Indexed growth rates point to standout markets including Alberta, Indiana and Bogota. Alberta's rapid growth has been driven largely by a single large scale project, indicative of increasing occurrences of gigawatt level schemes announced globally. # Introduction The Global Index provides data-driven insights into the current data centre market landscape. The quantitative and qualitative insights are amassed from tracking over 7,500 individual data centres across the globe. Section I examines how global supply and demand have grown over the past five years. Section II provides insight into regional dynamics via analyses of supply categories in the Americas, Asia Pacific (APAC) and Europe, Middle East, and Africa (EMEA). Section III is a regional focus on the Americas, with the region noted as the global leader on all accounts of supply. # Methodology DC Byte adopts a bottom-up approach in generating market-level analytics built from coverage of each individual facility. A unique range of sources are used, ranging from satellite observation imagery to parsing official earnings releases and public planning documents, speaking with stakeholders, and physical on site inspections. All data collected and presented in this publication is to the best of DC Byte's knowledge and experience. The Global Index tracks growth over a five-year timeline from 2019 to 2024. Supply and demand are analysed at a global level, along with supply growth across the three major regions: Americas, APAC, and EMEA. The report also includes a focused analysis of the Americas, featuring a comparative index highlighting growth across key markets, based on data captured in February 2025. # Notes: * Data for Mainland China is referential, and only based on key operators in the major metros. * Coverage of Russia has halted since the Russia-Ukraine war. New developments since, if any, will not have been captured in the data. # Key Definitions # Live Supply Determined IT power that is operational whether it is let or not. # Under Construction (U/C) Supply Under Construction Supply is the estimated IT power that is currently having the mechanical and electrical plant installed to support it. # Committed Supply Committed Supply is the estimated IT Load that we are highly confident will be added to a market's overall supply. This supply has the required elements (government, land, power, etc.) secured, or will be developed by an operator with a strong and reliable track record. Committed Supply could take the form of a data centre scheme which has yet to start construction, or it may refer to shell space in an existing data centre. The difference being that shell space can typically be fitted out in 3-6 months, while a scheme that has yet to start construction might take 1-2 years. Committed Supply does not mean sold space. # Pipeline Supply Pipeline Supply is the sum of Under Construction and Committed Supply. # Qualified Supply Qualified Supply is the sum of Live, Under Construction, and Committed Supply. # Early Stage (ES) Supply Early Stage Supply is the IT Load that has been announced or speculated, but has yet to secure all of the required elements (government, land, power, etc.) for development. We do not hold full confidence in the development potential of this supply and it may require a major client precommitment for development to take place. # Total Supply Total Supply is the sum of all four supply categories: Live, Under Construction, Committed, and Early Stage Supply. # Section I: Global Growth Global data centre growth has scaled new heights over the past five years. While data centre supply has accelerated significantly, demand has outpaced this growth at every stage of development. This is the key finding of our index of added supply and demand each year from 2019 to 2024. The exponential growth in supply is spread unevenly across the categories of Live, Under Construction and Committed. New live supply has doubled, but this growth rate is far higher in the pipeline categories. Under Construction capacity has increased fourfold while committed schemes have increased sevenfold. The gap in pipeline capacity growth versus new live capacity growth reflects growing supply constraints. Moreover, the acceleration of committed projects versus schemes having shovels in the ground further underscores these challenges. Lengthening development timelines have been driven by permitting delays, supply chain disruptions and land and power constraints. The analysis of demand shows a similar picture to supply. While demand for live capacity has doubled, pre-lease demand has surged with pre-leased under construction capacity growing threefold, whilst pre-leases of committed capacity have grown by 33 times. Demand continues to outpace supply. In 2024, the index of tracked supply showed a 1,000 point increase, whereas demand indexes rose by over three times the rate, increasing by 3,000 points. This reinforces a widening supply-demand gap. The stark differentials in under construction and committed pre-leases highlight another industry trend of lease structures in data centre operations having reshaped over the years. Space is being reserved further in advance, shifting from traditional anchor tenancy models to customer commitments signed well before construction commences. This consequent shift in demand exceeding supply has led to rent inflation, most evident in the United States and Europe, the Middle East and Africa (EMEA). Colocation rents in these regions have risen by over $30\%$ in the last 24 months, driven by the accelerated take-up of capacity relative to the lower rate of increase in capacity coming online. This trend is most notable in the most developed data centre markets and not the Asia Pacific (APAC) region, where rent inflation has remained relatively stable, with the strong growth of Live Supply capacity outpacing that of the other regions. Yearly Growth in Global Leased Capacity As this rapid expansion continues, questions of oversupply arising from potentially slowing demand have emerged. Our trend analysis on demand-by account of volume and increasingly advanced pre-leases-indicates otherwise. On all accounts, demand has undoubtedly exceeded supply, and can be expected to continue on this trajectory with added demand drivers alongside increasing supply bottlenecks. Discussions on AI as a key demand driver have proliferated industry conversations, following the landmark availability of ChatGPT to the general public in November 2022, and other generative AI platforms since. While AI holds the potential to tip the scales towards being the dominant absorber of data centre capacity, our data supports that it is still in the infancy stages of impacting global data centre demand. Top Three Uses of Global Demand Our analysis highlights that public cloud continues to serve as the bedrock of data centre demand, driving approximately $50\%$ of capacity take-up in recent years. By comparison, AI—while growing rapidly—constituted $11\%$ of the known take-up use cases in 2024. The accelerating pace of pre-lease activity pitted against increasing supply bottlenecks suggests that demand will continue to outstrip available infrastructure. Looking ahead, the industry's biggest challenge will be innovation in sustainable solutions to the most pressing supply-side challenges—particularly power resourcing for mature markets—to deliver capacity at the speed of demand. # Section II: Regional Growth # Regional Live Supply Growth Regional Live Supply Growth The Americas remains the dominant hub of data centre growth globally, maintaining a market share of Live Supply equalling the rest of the world combined from 2019 to 2024. Over the past 12 months, $91\%$ of newly added live supply has come from the United States (US), with the remaining $8\%$ and $2\%$ split across Canada and Latin America (LATAM) respectively. The consistency of this continued expansion is attributable to the abundance and subsequent emergence of alternative markets in the US, as traditional primary markets have faced various limitations. Since the beginning of the spike documented in Q3 2022, regional supply growth has repeated a fairly consistent cycle. First, stakeholders identify a market as capable of meeting demand. This garners more widespread attention and investment, eventually snowballing into a significant run on new data centre schemes for several years. This persists until the identified market 26.3 GW growth 17.6% CAGR from 2019-2024 globally becomes congested and constrained by power availability. At this point, operators shift their focus to alternative, typically untapped markets capable of meeting demand at a faster rate. This trend has been evidenced in the evolution of markets like Atlanta, Columbus, Phoenix, and other top-tier markets that were once considered secondary to major metropolitan areas and traditional tech hubs like New York, Northern Virginia, Silicon Valley and Chicago. Recently, with even fewer major metros left to turn to, the next phase in the development cycle has seen developers increasingly targeting tertiary markets like Iowa, North Carolina, and Indiana. The emergence of AI, and its lack of latency dependency continues to fuel this trend. This has helped the Americas continue to bring significant new supply online, with Live Supply in the region recording an $18.8\%$ five-year Compound Annual Growth Rate (CAGR). Despite power constraints observed in the various aforementioned markets, the rate of Live Supply introduction has continued to increase. APAC once again experienced the strongest growth in Live Supply at $19.3\%$ from 2019 to 2024. Alongside persistent growth in the developed markets of Australia, China, Japan, and Singapore, emerging markets such as India and Malaysia contributed approximately 900MW and 450MW respectively of the 7.5GW of Live IT growth during this period. Beyond the pandemic's acceleration of digitalisation, overarching factors which have since influenced the region's continual growth, include the emergence of digital policies, particularly in the newly booming markets—such as India's Digital India initiative and Malaysia's Digital Economy Blueprint—and the growing popularity of data centres as a profitable and resilient alternative asset class for investments in the region. The acquisition of APAC platform AirTrunk in 2024 records as the largest data centre transaction globally, with the platform valued at over US$16 billion. Emerging markets have experienced rapid growth in accelerated pipeline delivery to meet previously underserved demand. For instance, the Johor market has experienced a surge in growth, due to its ability to serve as a spillover market for Singapore, when the latter placed a moratorium on new data centre construction in 2019. Consequently, the Johor market observed a steep growth in Live Supply at a CAGR of $145\%$ from 2019 to 2024. Americas $$ 18.8 \% CAGR $$ APAC $$ 19.3 \% CAGR $$ EMEA $$ 13.3 \% CAGR $$ EMEA's measured growth in Live Supply at $13.3\%$ from 2019 to 2024, is comparatively slower than the Americas and APAC. Reasons for this include power constraints, particularly in green energy, the limited availability of land which can drive up costs and slow down development, and a stricter regulatory environment, amongst others. Growth has been fuelled by both established markets and emerging subregions. Despite constraints, established FLAP-D markets London and Dublin have continued to perform, each adding 598MW and 540MW of Live Supply, respectively. The upcoming secondary market of Madrid has added over 240MW of the 4.8GW of Live IT growth during this period. Meanwhile, Live Supply in the growing Middle East and North Africa (MENA) markets more than tripled over the five-year period, with MENA contributing $7\%$ of EMEA's Live Supply as of 2024. The surge in Live Supply in the MENA data centre market can largely be attributed to the region occupying a strategic geographic location as well as a range of government initiatives, digital transformation, increased internet usage, cloud adoption and hyperscale expansion. # Regional Pipeline Supply Growth Regional Pipeline Supply Growth The Americas continue to be the global leader for future pipeline capacity, recording over 30GW of growth in Pipeline Supply between 2019 and 2024. The substantial increase in both Committed and Under Construction growth rates from 2022 onward is the product of numerous factors, most notably the Americas—and the US specifically—serving as the initial "landing point" for AI-related demand and the continued widespread adoption of cloud-based services. In particular, the rise of Large-Language Model training has triggered a hyperscale-led arms race to develop infrastructure capable of handling these high density workloads. This has led to a marked increase in large-scale developments, from hyperscale self-builds, to build-to-suit and wholesale colocation projects of equal size. The US market remains well positioned to field the bulk of this rising demand due to its abundance of "scalable" land that offers the advantageous combination 50.3 GW growth 31.4% CAGR from 2019-2024 globally of developable land and accessible power. Campuses capable of deploying hundreds of MWs and increasingly, up to 1GW+ of IT capacity are not yet being developed elsewhere in the world at the same volume, or projected speed to market. This has prompted significant action from stakeholders across the board—from regional utilities clamping down on power commitments in attempts to free up "stranded power," to state governments introducing new tax incentives to attract large-scale developments, to the passing of the Chips and Science Act in 2022 aimed at filling the increased demand for semiconductors domestically, as well as other legislative efforts. Looking ahead, several significant challenges are emerging for the market. The comparative 2024 growth rates of Under Construction $(+3.4\mathrm{GW})$ versus Committed $(+12.5\mathrm{GW})$ highlight a growing disconnect. In Q4 2024, Under Construction growth trended downward for the first time since Q3 2021, underscoring a bottleneck in the Americas for capacity transitioning from planning to construction and eventual deployment. This constraint is driven by Regional Under Construction Supply Growth the wave of new market entrants, and growing power supply limitations. As the rush on new developments continues across the region, securing power for these sites grows more scarce and complex, particularly in newly realised tertiary markets or with alternative power solutions "behind the meter." Meanwhile, APAC has observed steady pipeline growth, with an absolute volume greater than that in EMEA. The region has not experienced the surge in pipeline observed by the Americas due to the lag in AI demand, with cloud services remaining the largest driver for demand for data centre space. The APAC region tracked a 9.2GW increase in pipeline capacity between 2019 and 2024, with activity fuelled by Regional Committed Supply Growth planned projects spread across established and emerging markets. Mirroring the Americas region, the growth in pipeline capacity is primarily accounted for by steady growth of Committed Supply. Market leaders are leveraging the expertise, relationships, and track records to expand their footprints in existing and new markets. Applications for more power and new land acquisitions add to the pipeline in established markets, while in others this has been achieved through partnerships with large local conglomerates or through the acquisition of pre-existing platforms or assets. Committed Supply growth is skewed toward established markets where clarity of policies and regulations make the process of market entry smoother relative to more nascent markets. Larger deals meeting AI demand have primarily been captured in markets such as Australia and Malaysia, ranging between 50MW to 250MW. To date, total AI demand across the APAC region is estimated to range between 500MW to 1GW. However, as demand and deal sizes grow, the scale of developments will continue to expand to accommodate them, as reflected in the future pipeline. EMEA has experienced steady growth in Pipeline Supply, tracking a CAGR of $30\%$ from 2019 to 2024. Similar to growth in Live Supply, Pipeline Supply growth is somewhat limited in EMEA compared to the Americas, primarily due to the aforementioned factors of stricter regulations and limitations in land and power availability. Despite these challenges, continued cloud adoption and increased demand for data and digital services are expected to drive further growth in the EMEA market, supported by the strong pipeline of projects planned for the future. Particularly noteworthy is the Nordic region which is attracting increasing hyperscale interest in data centre development due to its availability of renewable energy, good connectivity, and supportive government policies; illustratively, cities like Helsinki are seeing significant growth in their data centre pipeline with larger deals ranging between 50MW to 80MW being captured. The Gulf Cooperation Council (GCC) comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE) has emerged as a key data centre subregion. Investor and operator interest has driven significant growth in Pipeline Supply, which has expanded by over 700MW from 2019 to 2024. Americas $$ 37.0 \% CAGR $$ APAC $$ 21.8 \% CAGR $$ EMEA $$ 30.0 \% CAGR $$ Examining Under Construction schemes versus Committed capacity over the past 12 months reveals a stark contrast. Committed schemes have increased by nearly 2.5GW, whilst the volume of Under Construction capacity has remained largely unchanged. This increase in Committed Capacity reflects the bullish attitude of data centre investors, operators and developers in the sector committing to future capacity in anticipation of continued growth. However, the stabilisation of Under Construction capacity highlights the immense challenge of bringing that power online, particularly in terms of power constraints. This observation aligns with the persistent supply bottlenecks noted across the Americas and APAC, reinforcing a broader pattern of challenges impacting capacity growth worldwide. # Regional Early Stage Supply Growth Regional Early Stage Supply Growth Early Stage Supply refers to supply without all necessary elements secured for development. Having a sizable Early Stage Supply category is characteristic of either strong interest or the existence of prevailing market challenges. Early Stage growth rates have exploded in the Americas in recent years, with over 35GW added in 2024 alone. Investment continues to pour into the digital infrastructure space. This is spread across a fairly even mix of established and emerging markets, including Atlanta (~800MW), Columbus (~1.3GW), NoVA (~700MW), Dallas (~500MW), Southern VA (~1GW+), Iowa (~1GW+) along with 5GW in Latin America alone, which can be largely attributed to Scala Data Centers' "AI City" development in Brazil. The demand and appetite for AI have been the driving force behind this widespread growth. Furthermore, it has directly contributed to the emergence of formerly tertiary markets as not just alternatives for current capacity, but locations for some of the largest-scale projects in the industry's history, in terms of both land footprint and power capacity. 86.1 GW growth 90.5% CAGR from 2019-2024 globally The big questions that remain are the amount, and timeline for this potential capacity to come to market. It is reasonable to expect that the bottleneck observed in the Committed pipeline will continue to trickle down, as more sites encounter delays. With the future pipeline growing with new market entrants and expanding efforts from existing players, all pursuing the same power needs, the US electricity grid will continue to be pushed to, and past its limitations. While regional utilities are currently working to mitigate this power bubble through power purchase agreements (PPAs), alternative energy sources, and new transmission line construction, there no immediate "silver bullet" solution that relieves these constraints. With the ever increasing amounts of capital required to bring these sites to market, the market may experience a degree of consolidation in the coming years, as insufficient power supply will likely prevent $100\%$ of these sites from reaching deployment within their intended timelines. Likewise in APAC, Early Stage Supply has grown at an exponential rate. India, Malaysia, Australia, Japan, and Thailand have each contributed 2GW to 5GW and together account for $76\%$ of the 22GW of Early Stage growth from 2019 to 2025. These markets have varying reasons for their attractiveness as investment destinations, including an abundance of resources such as land and power in markets such as India, Malaysia, and Thailand, and steady business environments in the cases of Australia and Japan. Three out of these five standout markets sit within the South Asian and Southeast Asian subregions, which hosts more than $60\%$ of APAC's Early Stage capacity. This is reflective of the wave of investor interest in the emerging South and Southeast Asian data centre markets whilst also indicative of challenges in securing the necessary elements for developments, owing to unclear or evolving regulations in these emerging markets. EMEA has demonstrated accelerated growth of Early Stage Supply in recent years, reflecting a CAGR of $69.9\%$ . Much of this can be attributed to the sheer scale and size of these Early Stage data centre announcements which are largely driven by AI, with the requirements of these applications requiring much larger and more powerful data centres. A total of 11.3GW of Early Stage Supply growth has been recorded from 2019 to 2024, and are sprawled across developed and emerging markets. Announcements of some large campuses in the United Kingdom, are far away from the traditional London data centre cluster, with one Early Stage scheme in particular of 720MW being observed in the north of England. Examples of other large-scale Early Stage data centre developments can be found in non-core EMEA markets such as Kuwait with 984MW of capacity added, bolstering growth in this region. This supply growth is primed to continue for years to come, especially across the GCC, representing fertile ground for continued development. # Global Live Supply Growth Projections Global Live Supply Projections To generate projections, we base estimates on the current pace of growth, recognising that the market is accelerating rather than growing at a steady rate. By extrapolating this upward trajectory and extending it forward, these forecasts reflect the compounding nature of market growth, providing a realistic view of how the market may evolve if current dynamics persist. Acknowledging the supply bottlenecks identified in earlier analyses of historical market growth, minimum growth estimates are indicated to proxy for when these constraints impact Live Supply delivery. To develop these estimates, past market fluctuations were examined. Projections can be adjusted downward to reflect a more conservative scenario. Despite power availability and other various challenges impacting potential speed to market, the Americas market is projected to reach 53.8GW of capacity, with a lower estimate of 47.4GW. The need for infrastructure that can support AI and high performance needs, for hyperscalers and other end users alike will likely be the biggest reason for this growth being realised. Necessity has become a key catalyst for innovation in the data centre sector, particularly in response to challenges driven by the AI boom. Stakeholders have adapted quickly, leveraging alternative power solutions for early deployments and unlocking land opportunities in tertiary markets once deemed unviable for large-scale development. While the power challenges facing developers lack a singular solution, there are plenty of viable alternative power sources being utilised across the board today. APAC is positioned to grow from 13.2GW in 2024 to 32.8GW in 2029, with a lower bound of 28.4GW. Actual growth is likely to outperform forecasted figures, evidenced by the effects of AI observed in the Americas. With the population size advantage of APAC, combined with increasing internet and smartphone penetration, low existing cloud adoption rates, and the democratisation of AI, the potential runway for Asia Pacific is long. Following trends observed in the Americas, Machine Learning demand is going to land in and drive supply into markets where development cost is low and resources are abundant. For APAC, this may mean the concentration of AI campuses in Australia, Southeast Asia, and South Asia due to affordability and shorter timelines for delivery. Northeast Asia expects to continue seeing strong growth that will likely continue to be driven by cloud demand. However, when proximity-sensitive AI inference demand rises, this is expected to support strong growth trajectories of these markets. In EMEA, Live Supply Projections indicate growth from 10.3GW in 2024 to 20.2GW in 2029. Actual growth could potentially outperform forecasted figures on the basis that the EMEA region demonstrated some of the strongest growth of Pipeline Supply out of all the regions combined with the fact there is also a healthy amount of large-scale Early Stage Supply capacity which should start to translate into Live Supply during the forecast period. The strong demand for data centre services and the significant investment flowing into the core EMEA markets as well as the Nordics and the fast-evolving GCC should provide a favourable landscape for a significant proportion of capacity to come online and ultimately exceed the effects of any supply constraints. EMEA's diverse market dynamics, combined with strong supply potential, creates a more balanced and sustainable growth trajectory compared to APAC and the Americas. # Section III: Americas Regional Focus # Regional Supply Growth Americas Regional Supply Growth The steady rise of regional supply growth in the Americas is fuelled by the continued development of cloud regions by hyperscalers across the US, coupled with the ever-increasing potential, demand and needs of generative AI and high-performance computing workloads. - Within the overall growth seen in recent years, the rising size of new projects in the Early Stage and Committed pipeline stand out. This indicates the increased capabilities and scale that future developments will offer as densities, land footprints and subsequent IT loads all continue to rise. On the other hand, the lower growth rate of projects moving into the Under Construction and Live phases can be partially attributed to power constraints in certain markets. As the global leader across all measures of supply analysed, and with the supply bottlenecks surfacing as a challenge across the global landscape, how these obstacles to getting supply online are addressed—through innovative solutions and strategic adjustments—could provide a valuable framework for other regions facing similar constraints. - Multiple massive campuses that will take several years to become fully realised make up a large contingent of the rise in Early Stage supply; among them are Wonder Valley in Alberta, Canada (7.5GW), Scala's AI City in Brazil (4.75GW), Meta Richland Parish (2GW), Digital Realty's Digital Dulles (1.1GW), and COPT's campus in Iowa (1GW) among numerous others. - Alternative on-site power generation solutions have been continuously explored by site selection and development teams; these include bridge-to-grid options, natural gas, hydrogen, battery solutions, fuel cell technology, microgrids, and others. - While these solutions offer a viable temporary option for some sites facing multi-year delays in power delivery, they are unlikely to fully replace or meet the scale of a utility power supply alone. Many current developments going to market with an initial deployment powered by an alternative solution are planning to do so at a fraction of the IT capacity planned for full build-out, contingent upon the availability of additional utility power. Both developers and utilities have taken steps to solve this bottleneck, signing PPA agreements with various energy companies to either power their own sites, or in the case of utilities, procure power to be distributed under their umbrella. Leasing tendencies have also shifted dramatically as a result of dwindling vacant supply. End users are pre-leaving capacity multiple years in advance of delivery, prompting operators to build facilities less and less "on speculation" and opting to begin construction only when an anchor tenant contract has been secured. As this trend has grown, one byproduct has been the neglect of smaller end users. With fewer small chunks of capacity being available to the retail end-user market, retail colocational rents have noticeably spiked. # Qualified Supply Projections Qualified Supply Projections ** Early Stage Supply has been excluded as there is lack of reasonable confidence in the development potential of this supply category. Projections are based on the pace of growth tracked for Americas' qualified supply. Extrapolating this upward trajectory and extending it forward captures the accelerating pace of market growth, offering a perspective on how the market may develop if current trends continue. Growth experienced in the past 18 months has been robust, but the age of artificial intelligence remains in its infancy. Within the Americas, specific companies and markets have shown a large appetite for development at the scale that has been projected over the next five years. This is evidenced in the flexibility of site selection teams in their developments, and their willingness to be among the first investments into emerging markets. The success of these sites, which are increasingly being developed farther from major metropolitan areas, is a key factor supporting projections of sustained growth at this rate for the foreseeable future, even as primary markets continue to mitigate power constraints. The potential for workload consolidation as AI technology innovates has been widely discussed. The answer to those questions is clear: as AI technology becomes more efficient and requires fewer resources to execute the same workload, those newly freed resources can be redirected to other purposes. In short, data centre end users will be able to achieve more with less, which inherently allows them to do more. This shifts the focus from resource availability to demand, and the insatiable appetites of end users are well evidenced in the continuous drive for greater capacity and capabilities. All indicators suggest that supply is far from outpacing demand anytime in the foreseeable future. # Americas Growth Index The growth index has been charted using Total Supply growth from 2023 to 2024, indexed against the primary market closest to the median (Reno, $37.1\%$ ). Growth Index: Hypergrowth Markets Index Net Change MW (Total) Growth Index Index Net Change MW (Total) - While Northern Virginia remains firmly cemented as the data centre capital of the world, Southern Virginia has emerged as a key market to watch for future growth. Since Dominion Energy announced its power delivery delays in 2022, data centre demand has been moving south across Virginia to areas with more available infrastructure and less power demand. In mid-2024, Loudoun County removed "by-rights" zoning for data centres, meaning all new data centre proposals will require approval from the county's board rather than receiving default rezoning approval. - Demand for large scale facilities is strong; the majority of pipeline projects in Southern Virginia are large enough to support 100+MW campuses. Among these are Meta's Richmond campus, which is adjacent to a QTS campus that could offer over 1GW upon full buildup. AWS is also planning several large campuses in the area, and Powerhouse's 95 campus is expected to reach 800MW of power. - Alberta is primarily driven by the O'Leary Ventures backed "Wonder Valley" project. Wonder Valley is anticipated to be the world's largest AI industrial park upon full build-out. Plans include an initial 1.4GW phase going live by 2027, with the remaining power rolled out in 1GW increments over a five to ten year period until 7.5GW is fully deployed. - While certainly its biggest contributor, Wonder Valley is indicative of the wave of demand that the Alberta market is poised to field in the coming years. EStruxture and Beacon Data Center both have large-scale schemes in the market, and few markets globally can offer an equivalent combination of both availability and accessibility of power at scale. - Indiana has seen $25+$ billion of investment in newly announced hyperscale projects alone from Q1 2024 to the present day (2 AWS, 2 Microsoft, 2 Meta, 1 Google) and five to ten additional projects at various stages from colocation/build-to-suit developers. Accessible power, existing connectivity infrastructure and its proximity to major metro markets—Chicago, along with other hyperscale markets (i.e. Columbus, Iowa)—are key factors driving new development. - Demand started primarily in Northwest Indiana, but has rapidly expanded to suburban Indianapolis and other areas of the state. Meta's plans in Jeffersonville and Lebanon, Indiana, along with Vantage Data Centers' site proposal in Pittsboro, Indiana are evidence of this. - In just a few short years, Columbus has rapidly transformed from a secondary market to a top tier growth market and prime destination for upcoming site selection and development in all aspects, from hyperscale cloud regions to high density AI focused facilities. AWS and Google already operate cloud availability zones out of their respective Columbus market facilities, and have continued to pour multi-billion dollar expansions into those sites. Meta is currently doubling its original 700 acre footprint at its New Albany campus. - Furthermore, Aligned, QTS, CyrusOne, Edged Energy, DBT Data, Cologix and others have all announced large scale wholesale colocation or build-to-suit developments. With 1.3GW of Early Stage capacity and $300+$ MW of Pipeline capacity added just in 2024 alone, the Columbus is positioned to bring as much capacity to market in the coming years as any. - Columbus is a primary example of the trend observed in the analysis of Regional Pipeline Supply. Power availability has gone from a driver of growth to its biggest obstacle. The scale and quantity of new projects undertaken in 2022 and 2023, led utility provider AEP Ohio to pause giving out new power commitments. This created a "BYOP" bubble when it came to both new sites and affected the timelines for deploying existing developments and expansions. - While not a major metro, Iowa has maintained a steady pipeline of hyperscale demand throughout the late 2010s and into the 2020s. Having flown under the radar compared to other markets that have boomed, it has not encountered the same bottleneck congestion, or power bubble as others of its scale. Yet, Iowa has steadily grown almost to the same scale or more than others in that time period. - Des Moines has been home to Microsoft and its now 7 campuses in the market, as well as Meta's 7 building campus in Altoona. - The submarkets within Iowa (Cedar Rapids, Davenport) that have also started to establish themselves as potential locations for site selection specifically for large scale, high performance compute developments. # Premier Analytics Platform Complementing our unparalleled market intelligence, we also operate the world's premier data centre analytics platform, providing you with the tools to deep dive into the data centre markets, operators and suppliers, fully on-demand. # Why use our analytics tools? # Real-time Information Access the latest updates on data centre assets and companies as well as quarterly reviews of individual facilities. # Customisable Searches Evaluate, segment and distill the extensive information available on our database to drill down to the intelligence you want. # Valuable Insights Develop winning strategies using data-driven insights and provide confidence to your company and stakeholders. 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