Data Centers

The Guarantor Who Will Never Occupy the Building

Nvidia agreed to backstop up to $105 billion of an Ohio campus it will not own.

The Grid Became the Deal

A $20 billion AI campus was sited by the megawatt, and paid for with a county's tax base.

The Government Just Bet $100 Billion on Power

Washington backstopped 4.5 gigawatts of energy for an AI campus, before a single tenant signed.

Power Is the New Permitting

The largest U.S. grid moved to ration data centers and rewrote the deal.

Who's Still Building

The only ground-up that pencils today solved its hardest constraint before breaking ground — land and entitlement via public-private partnership, power via joint venture.

The Miners Became Landlords

The AI boom's best real estate trade is a 20-year power lease — and bitcoin miners are writing it.

The First No

New York became the first state to freeze the AI data-center build-out — turning power access into a permitting decision.

The Permitting Wall

The AI build-out just hit its first statewide veto — and the constraint on data-center real estate is no longer money.

American Construction Has One Engine Left

Strip out data centers, and the nonresidential building sector is shrinking — not growing.

Capital Is No Longer the Constraint. Power Is.

Texas just built a triage line for the grid — because the data-center queue is bigger than the grid itself.

The Constraint Isn't Capital Anymore

In data centers, the scarce input has become electrons — and the clock that matters is power-on

The Bottleneck Just Moved

A Virginia appellate ruling killed a $24.7B data center project on a notice technicality — and rewrote the underwriting checklist.

Blackstone's $2B Data Center REIT Reopens IPO Window

S-11 targets stabilized hyperscaler-leased product; pricing will set public-market cap-rate comps for the sector.

Capital Rotation Signals a Flight to Resilience Across CRE Sectors

Capital is rotating toward resilient CRE sectors as rising rates pressure leveraged assets, exposing credit weaknesses in data centers and favoring stable income properties.

AI Data Centers Enter the Water Wars

Utah’s transparency law signals a new regulatory phase for digital infrastructure.

Data Centers 2025 Recap & 2026 Outlook

Overview of Data Centers performance in 2025 and what to expect in 2026

🟡FTC sues Zillow-Redfin over $100M rental listings pact

Regulators allege a secret deal eliminated competition in online multifamily ads