数据中心——商业地产增长的无声冠军

Introduction.......................................................................................................................3Data Center Basics............................................................................................................5Background on Our CRE Services Coverage......................................................................7 The rapid adoption of cloud computing alongside the proliferation of AI has driven an explosion indemand for data center infrastructure. Enterprises have been shifting workloads to the cloud foryears, and more recently, AI applications that require immense computational power have madedata centers the backbone of a technology revolution that remains in the early stages. This surgein demand is driving billions of investment dollars toward high-performance facilities capable of supporting increasingly advanced workloads. It is no secret that investors are looking to capitalizeon the long-term tailwinds these trends provide, piling capital into hyperscalers, especially thosein the “Magnificent 7”; data center operators’ energy providers, considering the significant power (beyond the core four in office, industrial, multifamily, and retail). Our coverage is seeing signifi-cant growth supporting data centers, and this subsector is quickly becoming a bigger part of theiroverall revenue and profit mix. This is especially true for CBRE and Jones Lang LaSalle (both haveacquired specialized data center capabilities in recent years), but Colliers and Cushman & Wake-field are also capitalizing on data center tailwinds. Below, we provide some high-level metrics for •For CBRE, about 10% of 2024 adjusted EBITDA related to data centers, up from 3% in 2021(implies a mid-40% CAGR, although some of that is inorganic). •For JLL, an estimated 5% of square footage managed in the REMS segment is from data cen-ters, up from low single digits a few years prior. •For Colliers, about $10 billion of its AUM (10% of the total) in the investment management seg-ment is closely correlated to data centers, along with 3% of RES segment brokerage revenue. •For Cushman, a low-single-digit percentage of total revenue comes from data centers, andNorth American data center revenue roughly doubled in 2024. Importantly, as data center power capacity increases, so does the monetization opportu-nity for our CRE services coverage.Unlike other subsectors where leasing and property/facil-ity management contracts are commonly priced per square foot, for data centers these solutions are typically priced based on total power capacity, so as server rack density and total powercapacity increases (this has been happening quickly, as shown in exhibit 1), so does the revenueopportunity for our coverage although there certainly could be some offset from price compres-sion. Given this dynamic, we believe the CRE services monetization opportunity for data centersshould increase as: 1) more data centers are built; 2) power capacity per location moves higher;and 3) propensity to outsource data center management increases (especially with any expan- For investors less familiar with data centers, we thought it would be useful to start with an over-view of what they are, how they are structured, the main systems that enable them to operate,and the role they play in supporting digital connectivity, before delving into how the CRE service At the highest level, a data center is a large facility that houses the servers, storage, and networkingsystems that power digital services, such as streaming shows on Netflix, shopping on Amazon, orchecking a bank account online. Think of a large warehouse, often more than 100,000 square feet(roughly the size of two American football fields), filled with long rows of racks that hold serverand storage equipment. Around these racks are the systems that keep everything running, includ- Core Systems Inside a Data CenterThe core systems of a data center can be grouped into three main categories: 1.IT Systems –Servers:Equipment that runs applications and process user requests.–Storage:Infrastructure that holds and safeguards data such as files, databases, and backups.–Networking equipment:Switches, routers, and firewalls that move data within the facility 2.Infrastructure Systems –Power supply:Electricity flows in from the utility grid to power the data center. Power isalso stored in batteries and supported by backup generators that take over during outagesto keep everything online. 3.Security Systems –Physical security:On-site guards monitor entrances and patrol the facility; access pointsare controlled with locked doors, keycards, and biometric scanners; and surveillance cam- –Fire suppression:Specialized systems (often gas-based rather than water) are installed toquickly extinguish fires without damaging equipment. For those less familiar with CRE services, the firms we cover in this industry provide a comprehen-sive global suite of services for the CRE e