Market Fundamentals & Trends - Data center vacancy rates across North America are below 3% [3] - Tier one markets experience even lower vacancy rates, below 1% [3] - The imbalance between data center supply and demand could reach 10 gigawatts by 2030 [5] - Data center infrastructure demand is expanding to newer geographies [5][10][11] Power & Infrastructure - Grid lead times for power are currently 5 to 7 years [6] - Data center consumption is expected to quadruple from 2-3% to 10-12% of total power consumption in the next 5+ years [7] - Utilities are implementing deposit requirements for turbines and other infrastructure [8] - Collaboration among tech companies, utilities, and data center developers is crucial for securing power [8] - Alternative power solutions like nuclear and renewables are becoming increasingly important [9] Investment & Valuation - Investors are questioning data center valuations amid concerns about an AI bubble [1] - Meta is investing $29 billion in a data center project in Louisiana [10]