CBRE’s North America Data Center Trends H1 2025 report shows demand outpacing deliveries despite rapid build activity. Primary market inventory reached 8,155 MW in the first half, up 17.6% from H2 2024 and 43.4% year over year. Even with that growth, vacancy fell to a record-low 1.6% as hyperscale and AI tenants absorbed new capacity. Asking rates for 250–500 kW requirements rose 2.5% since H2 2024. Under-construction capacity totaled 5,242.5 MW, and 74.3% was preleased before delivery across primary markets.
Pricing pressure was most visible for large deployments. CBRE said requirements of 10 MW or more recorded the sharpest rate increases, reflecting scarce contiguous power blocks and higher build-out costs. Northern Virginia remained the largest hub, with under-construction capacity up 80% to 2,078.2 MW and net absorption of 538.6 MW in H1 2025. The report added that investment volume fell to under $1 billion in H1 2025 as buyers delayed decisions amid uncertainty and power-supply challenges. CBRE expects utilities to seek developer contributions for grid upgrades and predicts development will shift toward markets with faster power access and lower costs. It also highlighted long lead times for key electrical equipment and growing adoption of direct-to-chip and immersion cooling over time.
Why it matters
Record-low vacancy alongside power-delivery constraints is reshaping data center site selection, pricing, and capital allocation across major U.S. markets.
Source Attribution
Source: CBRE | Adapted & summarized
Published on: 02 December 2025
Category: Real-estate & Infrastructure
Region: USA
