Overview

• A JLL report finds U.S. data center vacancy at a record 2.3% as hyperscalers seek 1,000‑acre sites with multi‑gigawatt power.
• Utilities face floods of interconnection requests — 40 GW in Chicago alone, with roughly 90% deemed speculative — creating years‑long backlogs.
• Half of new demand in the first half of 2025 clustered in Northern Virginia and Dallas, and 73% of the 8‑GW construction pipeline is already pre‑leased as firms reserve capacity before facilities are built.
• Companies are pursuing dedicated generation, from on‑site natural‑gas turbines and fuel‑cell partnerships to reported moves by Meta and Microsoft to secure gas and nuclear power, including exploration of Three Mile Island capacity.
• The Department of Energy projects data centers could consume up to 12% of U.S. electricity by 2028, while experts say China’s secure, inexpensive power from long‑term planning could give it an AI infrastructure edge.