数据中心：2025年EMEA报告

knightfrank.com/research N=vig=t ng the Data Cantre landacapa in the EMEA recicn. October2025 Foreword Lookingahcad to the remairtler of7025 anl in.αt 260126. 1he market islikel: to relain divicle:l. Where poerand pkanning can (e alesned withlernand, capacin: wu be absorbedlrapidlls: ine 'nts and land velues willrerain su>pttetul, whei ener?vt>nsiralnts arl plannino, botilen; ksersist, lvehpme"t 1imelines wllix1end. and <cup'ers wl 11sol: tcp s, ,level>p ne nt strategies that >ml>lnere"rral cloudl tegicns ith edgesolutions. Th sead ar hich ril'rles.regulaors, and ceratar rlletivelyreasr:kve srkl adl pro:rpnt: hallenges, will tlrefnre he a rnrlcaldere mlnant nf hrs annnncecl:l,geli :ss. t anslare Int operarlonaa, ry. tkmjale keasig, activitr. However.each af'these matkels. as wel asAn.ste:slut and Dublin, are prapalins:with sisrifieat arikl const raints andre.laltr'y bcllenecks. meaning nevsupaly crnm>1 be tle iveresl at the xaceotxu>lers reuire. esulinply,left limlted o,t'onall.y fst new marks!aoo,resslve pte-leaslno, tenler les hasenmrants and reinforeed prlecingIremt.:ms attt: hecl to sItes ;irhsecured. near-tern Xower availasillry. CSCAR MATTHEWSF4-: NI ^Fr ArT Rr.TTN I'wn Inrerlinked thmes havedomiatxl Insearr:r npeiarer tA:is'nn-making. I'irstly. the rapid ant sronsin2appetite frr Al-nprilsed cr:m[mre 'sincraasins de mand fvrlarge lxks rfIxse1 aid Ir:olare nintercn 'ecr inn. Neconeliy. xridIlmrarlons and regularory 3rutny ofnn-sire sene"atinin liave el eared :hesrraregi: Iripcira nce cf long-termIoser orxurere nr. operatara arerherefore pursulng a "ange nfraspnnses 3uecl1 gs, long-terr1 Ppa'salld canrlve ellerat'nn ro de-riskdel ivars and meet ranantsu.taillalslliry ccmltmelt5. 'Thls rejoit explores hnp: rising capiral:omnltmelits ntersect prirhacceleratlng Al demand. intenslfylngenergy ptesares. and shiftingInvesrment srraregles In rhe amdlsyevclring I:MliA raginn. Tl1e flrst rhree q1arter af 21/25 haverelnforcsd rhe elldurlns "esturas ofrhe :tMl'A dara celntre m arka: rnlssr.rechnc:lr:gsr-led dell1a nd nnralslsr fnrIersrale clr:d and Al ca[acltsalld simlraneu Intensificatin f[>wer, r:lalning. and delivars ris's.Acrn55 core I:uropean huhs. aeratntsall:d imvcatnts ere cnntinuing ts"avlgare thls emironmen: hssccelerati com:ltile:.ts, resl1agsire-selcccicn prioricies. and s:dcprincc aperatin..al mnd:ls tn sccrcrsilict. lc-athcn pnzrcr t calc.Il:wve. witl leasi11g vlus Iosc:lsistelitly ounacing ical suny.che imlbgla2e I527s2en cl:=mxc andd:livcrahle cacity wi:delc.rtl1er in M412b. Keginaly. there are clear arddiverrcnt trajcaories. In Inarkts such#3 Iati anc viils1, lsrge Insclntl:11a1#l1d '-:ixetscale comr.iltil1ents [1avecxpslldcd lollg-term sipclinca alc.atcractd ncw dcvcloper T.1ndel -- atis: l1a8 mntcd tn che fetcfrantfcllmang Ilajor A.-tncuscd cxunpusHIncuencs, well as a TsIcasins rgrcciment for ixtrxl A1Cnnversely, highly 2enserail1c.I1akets, kul s Iubl ndAmsrerdam, cntiuc o e lasingnutscrig deliverabl: sunply, writh chcFre-lat, witlh o xhort-term d:zmz.dr-licl. Accivicy during che first thtee cjuatterst 202. 1ax re:1ained concenttzted inFrank.rl, Lunudon, z.id I'sriswhersInyFerszale de:and contines to Contents 5I.ondon 4Frankturt. 6Amsterdam 7Dublin 8Paris 9Miadrid 10Milan 12Johannesburg 11UnitedArab Emirates Frankfurt $0.293LlecLricily Frice,LsD per kwli 2.15%Inleresl Rale 94%Inlermel Users 6.3mPopulaliun TAKE-UP SUPPLY TranklurL hz.s addzxi 67.6MW ot w live cape.riy sn tar in2025, celivured by Yolt i20MW, Vanlare (16MW).Equinix (Mw", Cle.lHQ (.W', ad Dieilal Ruallyte.4Mw:, lining tho markot's dggrgue supply Lc m.urshan 3.3Gw Irz.nkiur. led all Euupan a.d celr markels in H1 2025.Iecvtling lle highexl Llcc-ue d. 1sgMw. Publi: cloudFluvders drcae nusrly il zr livily, aczeulig Ior verydeal bul int over the paal six men.hs. 5uprlv rmain sxccpuicnally Liehl, with vacz.nev al iusl0.6%i, cyuivalel lu unly -.sMw ot avzilatle caracily, andjusl a sngle site able L: auomolate al rxjuinmul atxwe2.5AW. Futur clumamd is alse Ieckel in, wih 71.735 tagacily uncer zn: rlcliun lrealy pe Jel. Al the sanc imo, Lighter zoning ten rictiuns have :luvedin cily delo.cnl. Glutal suil:h' campl exnsiunIumairs bluckec. by plinnig pelicy. This is pustingtjurauor lu louk Lo L's mulu Exighuly l Hutlr anl andpuwtr, Cu.L IiCS has unn.need Iwu now siles inWibalun laling 6swiw, EcgxonnuX is: uxpanline j:Housunslaun, enu Firsltolo is alusluping a 2-MWtunus in Rubach, 3ok urh tl ihe city. Wit': grid prussure andl nesilienoe euneer inltensilying.hu rurot ib elsu shitling towand un site powor z ralcgius-o sxure ung-turm tspaluity, CyrusOrw r.tkl E.ON ndslivuring al GlMW u-sile gulerliun sye len: al FRA7.whil Ru.ls-Rycu .l Irral:x biv klulctxl -licalpoxluuliort in Freukrl to hcip cluceruunsu Ualukupguwrntiun. LEADING OPERATORS Fran'dlurt's dlala cunlie markel teruins huavily veighldLwz.ii cplsca.ion aLher lhan set-sui.l, vith eulucaliolacilitizs making up 7.6% ot uolzl zapacily- Th landsca: is clurtin