North America’s data center crunch: power, not space, becomes the real battleground

North America’s data center market is hitting a breaking point as vacancy rates fall to 2.3% and power constraints reshape growth. JLL’s midyear report shows hyperscalers and enterprises now preleasing capacity years in advance, with 73% of projects under construction already spoken for. Rising electricity costs and four-year grid delays push developers toward cheaper markets, confirming a new reality: in today’s digital economy, power is the true currency of infrastructure.