Vacancy across primary North American data center markets fell to a record low 1.4% at the end of 2025 and tightened further in early 2026, according to CBRE data reported by Data Center Dynamics.

Vacancy in the top four US markets reached an all time low in the first quarter despite a 33% year over year increase in total inventory, meaning new capacity was absorbed faster than it came online.

Individual markets show how narrow the availability has become. Northern Virginia remained tightest at 0.3%, down from 0.8% a year earlier. Atlanta posted the steepest reduction, falling to 1% from 3.6%. Chicago dropped to 2.2% from 3.1%, and Dallas-Fort Worth reached a record low 1.8% from 2.4%.

Pricing has followed availability. The average monthly asking rate for 250 kilowatt to 500 kilowatt requirements in primary North American markets rose to $196.25 per kilowatt in the second half of 2025, a 6.6% year over year increase. Pricing for 3 to 10 megawatt requirements climbed 12.5% year over year as competition intensified for large contiguous blocks.

Regional pricing spreads remain wide. Atlanta is the most affordable major US market, with rates up about 2% year over year in early 2026. Silicon Valley is the most expensive, and providers there have reduced or eliminated volume discounts as demand held firm.

The combination of sub 2% vacancy and double digit rate growth on large requirements describes a market where power availability, rather than construction capital, sets the pace of supply.

Source: Data Center Dynamics - https://www.datacenterdynamics.com/en/news/vacancy-rates-in-north-american-data-center-markets-hit-record-low-cbre/