Americas Data Center Pipeline Reaches 25.3 GW Under Construction as Cushman & Wakefield Reports Policy-Driven 'Managed Growth'

Data center markets across the Americas are entering a new phase of structured, policy-driven growth, according to Cushman & Wakefield's H2 2025 Data Center Update released February 26, 2026. The report finds 25.3 gigawatts (GW) of data center capacity under construction across the region, with the majority located in the United States, even as regulatory headwinds and infrastructure limitations increasingly shape where and how development proceeds.

Policy Pressures Reshaping Development Patterns

Local and regional governments across several jurisdictions are increasing scrutiny of large-scale data center development, with new and evolving policies targeting grid strain, natural resource use, and broader infrastructure impacts. In some cases, these policy pressures have led to project delays, cancelled developments, or the removal of by-right zoning. As a result, market expansion is increasingly shaped by policy frameworks and infrastructure capacity rather than demand alone, according to the Cushman & Wakefield report.

"The next chapter of the Americas data center market will be defined less by the scale of demand and more by how effectively markets can streamline the development of new infrastructure to support it," said John McWilliams, Head of Data Center Insights at Cushman & Wakefield. "Governments and utilities are playing a growing role in guiding development through power planning, zoning and resource management. Even with these guardrails, demand remains exceptionally strong, reinforcing the long-term expansion outlook for both established hubs and emerging markets."

Vacancy Remains Tight Despite New Colocation Capacity Deliveries

Despite the addition of approximately 3.9 GW of new colocation capacity delivered in the second half of 2025, regional vacancy across the Americas held steady at 4.2%, according to the Cushman & Wakefield report. In the United States specifically, vacancy remained unchanged at 3.5%. The firm noted that industry expectations suggest meaningful easing in availability is unlikely before 2030, underscoring the persistent imbalance between supply and demand.

Colocation Preleasing Remains Strong

Preleasing activity remains strong across the Americas, reflecting continued competition for available capacity, according to the Cushman & Wakefield report. The firm characterizes this dynamic as a defining feature of the current market environment, one that is unlikely to ease materially in the near term given the pace of demand relative to deliveries.

Policy and Infrastructure Constraints Define 'Managed Growth' Era

Cushman & Wakefield frames the current period as one of "managed growth" — a market phase in which expansion is increasingly governed by regulatory frameworks and infrastructure capacity rather than demand signals alone. The firm's analysis suggests that power planning, zoning policy, and resource management will play a growing role in determining which markets attract new development and at what pace. While the overall pipeline continues to expand, the report indicates that approval timelines are lengthening in some jurisdictions, adding complexity to project planning and execution across the Americas.

The H2 2025 Data Center Update from Cushman & Wakefield covers market conditions through the end of 2025 and reflects data across the full Americas region, with particular emphasis on U.S. markets where the bulk of the 25.3 GW construction pipeline is concentrated.