Is data center supply keeping up with demand?
MW by status and state
Quarterly vacancy % by market
Market capacity, queue depth, and estimated time-to-power
| Market | IT Load | Pipeline | DC Queue | Vacancy | ISO | Time-to-Power | Status |
|---|---|---|---|---|---|---|---|
| Northern Virginia | 4.2 GW | 5.8 GW | 48.0 GW | 0.8% | PJM | 60mo | Bottleneck |
| Dallas-Fort Worth | 2.0 GW | 6.5 GW | 26.0 GW | 2.5% | ERCOT | 54mo | Bottleneck |
| Phoenix / Mesa | 1.5 GW | 3.2 GW | — | 1.7% | CAISO* | 18mo | Available |
| Central Ohio | 0.9 GW | 2.4 GW | 48.0 GW | 4.2% | PJM | 48mo | Bottleneck |
| Atlanta | 0.8 GW | 1.9 GW | — | 3.1% | SOCO | 12mo | Available |
| Chicago | 0.7 GW | 1.4 GW | 48.0 GW | 5.5% | PJM | 48mo | Bottleneck |
| Silicon Valley | 0.6 GW | 0.5 GW | — | 1.8% | CAISO | 18mo | Available |
| Portland / Hillsboro | 0.5 GW | 1.2 GW | — | 2.2% | BPA/PGE | 18mo | Available |
| Denver / Aurora | 0.4 GW | 0.8 GW | — | 4.8% | WAPA | 12mo | Available |
| Reno / Las Vegas | 0.3 GW | 1.5 GW | — | 3.5% | NV Energy | 12mo | Available |
* Estimated lead time = 18-month base + queue depth factor (2 mo/GW, max 36 mo) ± vacancy adjustment (±6 mo). Higher queue depth and lower vacancy = longer wait.
Current vs. pre-COVID lead times (weeks)
EQIX & DLR quarterly performance
| Quarter | Occ% | FFO | Spread | $/Cab |
|---|---|---|---|---|
| Q1 2024 | 94.2% | $8.86 | +5.2% | $2,180 |
| Q2 2024 | 94.5% | $9.12 | +5.8% | $2,210 |
| Q3 2024 | 94.8% | $9.35 | +6.1% | $2,245 |
| Q4 2024 | 95.0% | $9.58 | +6.5% | $2,280 |
| Q1 2025 | 95.2% | $9.82 | +7.0% | $2,320 |
| Q2 2025 | 95.4% | $10.05 | +7.4% | $2,355 |
| Q3 2025 | 95.6% | $10.28 | +7.8% | $2,390 |
| Q4 2025 | 95.8% | $10.52 | +8.2% | $2,430 |
| Quarter | Occ% | FFO | Spread | $/Cab |
|---|---|---|---|---|
| Q1 2024 | 83.5% | $1.67 | +8.5% | $1,650 |
| Q2 2024 | 84.2% | $1.72 | +9.2% | $1,680 |
| Q3 2024 | 84.8% | $1.76 | +10.1% | $1,710 |
| Q4 2024 | 85.4% | $1.80 | +11.5% | $1,745 |
| Q1 2025 | 85.9% | $1.85 | +12.8% | $1,780 |
| Q2 2025 | 86.4% | $1.89 | +14.2% | $1,815 |
| Q3 2025 | 86.8% | $1.93 | +15.5% | $1,850 |
| Q4 2025 | 87.2% | $1.97 | +16.8% | $1,890 |
See the full data center energy demand analysis.
View Data Center Energy Demand Tracker