Overview

• Availability has fallen below 1% in top hubs such as Northern Virginia, according to JLL’s latest report.
• Developers have 7.8 GW under construction, with roughly 73% already preleased, leading to multi‑year deployment queues.
• The market absorbed 2.2 GW in the first half of 2025, led by Northern Virginia (647 MW) and Dallas–Fort Worth (575 MW), with strong take‑up in Chicago and Austin/San Antonio.
• Power is the key bottleneck as average U.S. grid connections now take about four years and commercial electricity rates have risen nearly 30% since 2020 to 9.7¢/kWh.
• JLL estimates about $1 trillion of financing will be needed through 2030 as cloud and technology tenants drive roughly two‑thirds of leasing and colocation rents climb about 50% over five years.