2025 Annual Review - U.S. Data Center Real Estate Transactions
Record absorption, stabilizing cap rates, and a surge in powered land and AI-driven capacity.
2025 was a breakout year for U.S. data center real estate. Primary market vacancy fell to 1.4%, rental rates climbed double-digits, and AI-driven capital rewrote the buyer landscape. This report is the institutional-grade reference for the year — the deals we tracked, validated, and contextualized through Five 9s Digital's transaction database.
What's inside
The annual review covers the year quarter-by-quarter, capturing operator buyouts, hyperscale lease-backs, powered-shell conversions, and the AI capital surge that defined the back half of the year.
Who it's for
- For investors, REITs, and PE: Pricing, cap rates, and deal structure — comps to underwrite your next transaction.
- For developers and brokers: $/SF and $/MW benchmarks — negotiating comps for LOIs and pricing conversations.
- For hyperscale operators and M&A teams: Quarterly capital flows — who bought, who sold, where AI capital deployed.
View the redacted report
