JLL: Data Center Market Continues to Grow

(Photo courtesy of Christina Morillo via pexels)

JLL, Chicago, released its 2026 Global Data Center Outlook, predicting that nearly 100 gigawatts will be added to the market by 2030. That would double global capacity and equate to $1.2 trillion in real estate asset value creation.

Currently, AI represents about a quarter of all data center workloads–with training driving most of the demand–but could represent about half by 2030. JLL anticipates a significant shift in 2027, when inference workloads could overtake training as the dominant demand for AI. Inference is essentially when an AI model is in action.

In general, the sector is experiencing an “infrastructure investment supercycle requiring up to $3 trillion by 2030” the report noted. That would include the $1.2 trillion in real estate asset value creation and $870 billion in new debt financing, as well as $1-2 trillion in anticipated spending by clients to fit their space with GPUs and networking infrastructure.

Construction costs for data centers are increasing–between 2020 and 2025, the average global data construction cost increased from $7.7 to $10.7 million per MW. For 2026, JLL forecasts the average global cost will increase 6% to $11.3 million per MW.

Significant rent growth for such space is also anticipated through 2030.

The Americas remains the largest data center region, with about 50% of global capacity. It also has the fastest growth rate of the three global regions, with a projected 17% supply CAGR through to 2030.

Power remains a key challenge, and it will outweigh location and cost for primary site selection criteria. Operators are expected to increase behind-the-meter power arrangements and explore battery storage. Natural gas is also anticipated to help alleviate grid constraints in the U.S., and some data centers are moving to fund their own energy generation or implement “bring your own power” mandates.