Q4 2025 U.S. data center market overview

The U.S. data center market ended 2025 with continued inventory growth, yet demand still exceeded new supply. Leasing activity remained exceptionally strong in major hubs, with a notable uptick in absorption in emerging markets. The sector is still searching for balance as vacancy remains tight, supported by strong tenant demand and limited availability. Users and operators alike are increasingly focused on securing alternative power sources, with behind-the-meter solutions growing in popularity for both new and existing sites.
23.7 GW

Inventory

U.S. colocation inventory rose 8.8% in Q4 2025, closing the year at 23.7 gigawatts (GW), equating to a 33% year-over-year (YoY) increase in existing inventory.
2.03 GW

Absorption

Q4 2025 posted the highest level of quarterly net absorption on record, with 2.03 GW in positive absorption across U.S. data center markets.
1.4%

Vacancy

Data center demand continues to see strong positive momentum, with steady tenant demand across both established and emerging markets.

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