2025年全球数据中心投资者意向调查

2025 GlobalData Center InvestorIntentions Survey REPORT AI Contributes toRising InvestorDemand CBRE RESEARCHAUGUST 2025 Contents Investor Intentions Survey Results06 H1 2025 Regional Market Performance23 •North America•Europe•Asia-Pacific•Latin America Investors Show GreaterRisk Tolerance for DataCenters CBRE’s recent survey of 92 major investors worldwidefound that the data center sector is seeing surgingdemand from companies involved in artificial intelligencedevelopment and is attracting more institutional capital. 01 MajorFindings Investor confidenceremains strong Power infrastructureconstraints now thebiggest perceived risk High-risk strategiesdominate •2024’s top investor concernwas the cost and availabilityof debt, cited by 59% ofsurvey respondents. •95% of survey respondentsplan to increase their datacenter investments this year. •62% of survey respondentssaid they favoropportunistic, newdevelopment strategies in2025, remaining the toppreference. •41% of respondents plan toallocate $500 million or morein equity to the data centersector this year, up from30% in 2024. •In 2025, debt availability wascited as the top concern byjust 10% respondents,eclipsed by 39% citingregulations and poweravailability. •Just 7% prefer investment incore (stabilized) assets. Takeaway:The capitalenvironment has improved,while power constraints andpermitting delays havebecome the primarybottleneck for growth. Takeaway:Investors areseeking higher yields andgrowth, showing continuedrisk tolerance despitemacroeconomic uncertainty. Takeaway:Capitalcommitment is still robust,with investor appetite closeto the record level set in2024. Hyperscale continues todominate investmentstrategy Rising selling intentionssignal maturing market Cap rate expectationsstabilize •In 2024, only 24% ofinvestors expected cap ratesto increase, down from 42%in 2023. •42% of investors expect tosell more this year than last,while 28% expect to sell thesame amount. 30% said theyhave no intention to sell. •Hyperscale build-to-suitjumped to 49% from 31% ofsurvey respondents lastyear as the top opportunityfor data center investmentover the next 12 to 24months. •In 2025, 28% expectedincreases, while 53%expected no change. •Within product segments,turnkey hyperscale ispreferred by 42%, followedby powered shell by 28%. Takeaway:Some investorsmay be monetizing gains orrebalancing portfolios,possibly in response tohigher asset valuations orevolving risk profiles. Takeaway:Demand fromhyperscalers, particularly forAI workloads, is drivinginvestor interest in tailored,scalable infrastructure. Takeaway:Investorsexpressed confidence in thesector’s pricing resiliencedespite broader marketvolatility. 02 Investor IntentionsSurvey Results Survey Respondents by Region Figure 1:Where is your organization based? Primary Business Sector CBRE’s 2025 Global Data Center Investor IntentionsSurvey provides unique insights from professionalswithin the digital infrastructure industry. A wide range of investors, developers, investmentmanagers and operators are represented, with over oneout of four (27%) respondents directly involved inoperating, developing or owning a colocation facility.The survey was conducted in early 2025. Total AUM Twenty-three percent of respondents represent firms ofgreater than $50 billion of global real estate assetsunder management. Current & ExpectedData Center AUM Figure 4:What approximate percentage of your organization'sglobal real estate assets under management is in data centers? Investors expect that data centers willcomprise a larger percentage of their portfolioover the next five years. While 24% of respondents currently have lessthan 5% exposure to data centers, (Figure 4),only 8% expect to have less than 5% exposurein five years (Figure 5). Investment Allocations Investment allocations among data center investorsrange widely across the capital stack. Seventy-five percent of respondents reported investingin equity, while46% invested in operating platforms. InvestmentExpectations 95% of survey resondents expect to increase their datacenter investments this year, while none expect todecrease them. CapitalAllocations Compared with 2024, capital allocation(equity) to the data center sector of $500million to $2 billion or more rose to 41% from30% last year. Market SegmentInvestment The two largest market segments for existinginvestments are Turnkey Wholesale Colocation andTurnkey Retail Colocation. When asked which segmentinterests them most for investment in 2025, surveyrespondents overwhelmingly selected TurnkeyHyperscale. Sales Expectations Fewer survey respondents (42%) expect to sell moredata centers this year than those who did last year(46%). 2025 MarketSegment Interest Turnkey Hyperscale was most preferred for the thirdconsecutive year, followed by powered shell. Top InvestmentOpportunities For the third consecutive year, hyperscale build-to-suitswere seen as offering the greatest