2026-01-16-莱坊-Data_Centres_Global_Forecast_Report_2026_7页_6mb

2026 Global Data Centre Market Outlook Summary

Core Content Overview

The Knight Frank Global Data Centre Outlook for 2026 highlights the accelerated growth and transformation of the data centre market across the globe. The report underscores the increasing demand for AI-optimised infrastructure, the maturing of the sector, and the shift toward institutional investment. It also explores regional dynamics, technical challenges, and occupier trends that will shape the market in the coming years.

Key Market Forecasts

Global Growth

• Total new capacity: 33GW to be delivered over the next two years.
• CAGR: 24.6% for the global market.
• Regional breakdown:
  • North America: 63% of total growth, with Ashburn as a key target.
  • Europe: 17.8% CAGR, with AI-driven capacity moving away from traditional metro areas.
  • Middle East & North Africa (MENA): 62.5% annual growth, driven by gigawatt-scale campuses in Saudi Arabia and UAE.
  • APAC: Re-emerging interest in hyperscale after regulatory easing, but growth is still nascent compared to North America.

Capacity Trends

• Large-scale AI campuses: Dominating new developments, especially in MENA and North America.
• Inference-focused facilities: Gaining traction near metropolitan areas.
• Decentralisation: Growth is spreading to secondary markets due to supply constraints and power availability.

Institutionalisation of the Market

Investment Trends

• Shift to institutional models: REITs, yield companies, joint ventures, and continuation funds are becoming more prevalent.
• Platform-level transactions: Preferred over single-asset deals, as they offer better liquidity and capital efficiency.
• Capital recycling: Increasing in Europe and APAC, with stabilised assets becoming more attractive.

Investor Focus

• Tenant creditworthiness: A growing concern, especially with neo-cloud providers lacking long credit histories.
• Asset adaptability: Critical to avoid stranded assets if tenants vacate.
• Risk management: Investors are focusing on tenant transparency, redundancy, and flexibility in design.

Regional Insights

Europe

• Transformation: Shift from AI "gold rush" to industrial-scale deployment.
• Financing: Move toward specialised infrastructure vehicles.
• Power and cooling: Critical challenges, especially with 100,000-GPU clusters.
• Market growth: Accelerated in FLAP-D markets, with Madrid and Milan as emerging hubs.
• Disruptive players: Neo-cloud providers like Coreweave, Nebius, and Nscale are challenging hyperscale dominance.
• UK: AI Growth Zone initiative faces power cost and permitting challenges.

APAC

• Maturity: Transitioning from high-growth to institutionalised.
• Stabilised assets: Increasing in value and appeal, with REITs like AirTrunk gaining traction.
• Concentration: Capital is moving toward established operators.
• Secondary markets: Johor, Bangkok, and Thailand are seeing accelerated growth due to supply constraints.
• Uncertainty: AI and neo-cloud demand may not scale as quickly as in the US, leading to potential oversupply.

MENA

• AI-first shift: Led by Saudi Arabia and UAE, with Abu Dhabi set to become a gigawatt market by 2027.
• Major projects:
  • Abu Dhabi: 5GW AI campus, including Stargate UAE (1GW) with OpenAI, Oracle, NVIDIA, Cisco, and SoftBank.
  • Riyadh: Expected to grow at 85.9% CAGR, with HUMAN (a PIF-owned AI company) leading the charge.
• Challenges: Aspirational 14GW announcements may lead to oversupply, while strategic local partnerships will be crucial for growth.

Technical and Operational Challenges

Valuations and Risks

• High initial costs: Strain liquidity and require sophisticated financing.
• Obsolescence risk: If tenants vacate, reconfiguration costs and occupational market depth become critical.
• Power economics: A key factor in site selection, especially for AI workloads.

Occupier Trends

• Rack density increase: Driven by AI adoption and technological evolution.
• Occupier preferences: Seeking futureproofing, high-density configurations, and reliable power pricing.
• Legacy facilities: May become more attractive for lower-density occupiers if modern facilities are not accessible.

Strategic Considerations

• Market depth and regulatory environment will influence occupier confidence.
• Government intervention and tax incentives may play a role in location decisions.
• Strategic partnerships are essential for sustainable growth and capital efficiency.
• Consolidation is expected as the market matures, especially among established operators.

Conclusion

The data centre market in 2026 is marked by unprecedented growth, technological advancement, and increased institutional participation. While AI and HPC demand are driving large-scale deployments, supply constraints, power availability, and financing complexities will continue to shape site selection and investment strategies. The MENA region is set to become a major player, but APAC and Europe must navigate regional differentiation and market maturity to achieve sustainable growth. Investors should focus on tenant quality, asset adaptability, and strategic partnerships to capitalise on this evolving landscape.