2026年数据中心全球预测报告

Foreword The Knight Frank global data centreoutlook for 2026 reveals unprecedentedgrowth and transformation. Acrossthe globe, 33GW of new capacity is tobe delivered to market, representing aCAGR of 24.6%, over the next two years.63% of this growth will be located on theNorth American continent, with Ashburnbeing the key target market for near-termdeployment, where 3.5GW is expected tolaunch during 2026 and 2027. Europe willfollow its existing trajectory, expanding ata CAGR of 17.8% over the forecast period, a structural shift toward large-scale,AI-optimised campuses and smaller Growth is faster spreading beyondtraditional hubs and into secondarymarkets – such as Johor, Bangkok, theMiddle East, and the Nordics – due tosupply constraints and power availabilityin core regions. Power economics are STEPHEN BEARDGLOBAL HEAD OF DATA CENTRES However, this growth will not bewithout its challenges. High initialdevelopment costs for AI-readyfacilities will strain liquidity and requiresophisticated financing structures. Furthermore, rapid technologicalevolution raises concerns aboutadaptability should tenants vacate.Facilities with lower redundancy orlimited flexibility risk becoming stranded The sector is maturing, particularly inAsia and Europe, with increased capitalrecycling and the emergence of REITsand infrastructure-focused financingmodels. Investors are concentrating This forecast report provides keyinsight into market-by-market growthexpectations, explores the key trendstransforming the data centre industryand examines their impact on capacity The global race to build AI capabilityis continuing to reshape the data centrelandscape. Markets are pivoting fromtraditional cloud deployments to AI-firstinfrastructure, with hyperscale and neo-cloud providers driving demand for high- PAGE 4GLOBALFORECASTS PAGE 6REGIONALINSIGHTSPAGE 10TECHNICALINSIGHTS Global ForecastsLive IT Capacity (MW) Regional Insights and cooling solutions, with gridconstraints posing a significantchallenge. Growth in FLAP-Dmarkets is expected to accelerate,with Madrid and Milan close behind, EUROPE APAC OSCAR MATTHEWSPARTNER FRED FITZALAN-HOWARDHEAD OF DATA CENTRES, APAC The most disruptive trend is therise of neo-cloud providers suchas Coreweave, Nebius, Nscale,and Fluidstack, offering verticallyintegrated, GPU-centric solutionsthat challenge hyperscale dominance.Coreweave alone is projected to investUS$30 billion in 2026, supported bya US$55 billion backlog. However, In 2026, Europe’s data centrelandscape will continue to undergoa major transformation to meetincreased demand for generative AIand high-performance computing. Themarket is evolving from the initial AI The APAC data centre market is clearlymaturing, with increased capitalrecycling and a shift towards thesale of stabilised, income-generatingassets. Recent large-scale investmentsinto platforms such as Vantage APAC,backed by GIC and ADIA, demonstrategrowing institutional confidence in theregion. At the same time, establishedowners in core markets such as Japanand Singapore, including Keppel andCapitaLand, continue to transactstabilised assets, reflecting portfolio In summary: European marketsare set for accelerated growth,fuelled by AI deployments alongsidesustained hyperscale demand. Financing models have shifted awayfrom traditional real estate structurestowards sophisticated infrastructurevehicles, such as yield companies,joint ventures, continuation funds,and specialised REITs, to addressliquidity challenges associatedwith large asset sizes. Single-asset capabilities. Recent examples, suchas DayOne raising approximatelyUS$2 billion in Series C funding,demonstrate strong investor appetiteto back platforms with scalablepipelines. As a result, we expectheightened investor interest to drivefurther consolidation, with well- gaining traction, their infrastructurerequirements across APAC remainrelatively nascent compared toNorth America, where AI-leddeployments are already driving100MW-plus campuses. In APAC,neo-clouds are still emerging,with demand fragmented across “APAC is transitioningfrom a high-growthemerging market into amore institutionalised “In 2026, Europe’sdata centre landscapewill undergo a majortransformation to meet We expect continued growth in bothscale and capital participation acrossthe APAC data centre market. Whilemore investors are seeking exposureto the sector, capital is increasingly We question how quickly neo-cloud and AI-driven demand inAPAC will scale to match deployment From a market perspective,integrating 100,000-GPU clustersacross Europe, the Nordics, and Iberia Regional Insights Data centres offer long-term leases,high-credit tenants, and inflation-hedged cash flows, making themparticularly attractive in a volatilecapital market environment. Still, rising Virginia, Phoenix, Dallas, and Atlantato historically low levels, despiterecord levels of deliveries. planning, and shaped investmentstrategies across multiple propertyty