数据中心_CBRE 预计 2025 年下半年数据中心投资规模将回升_ Data Centers _CBRE expects pickup in data center...__ CBRE expects pickup in data center investment volume in 2H 2025

Summary of Key Points from Conference Call Industry Overview - Data Centers: CBRE anticipates a pickup in data center investment volume in the second half of 2025, despite a more than 50% year-over-year decline in investment activity in the first half of 2025 due to economic uncertainty [2][6][36]. - Construction and Machinery: The construction sector is expected to see a re-acceleration in non-residential construction in 2026, driven by data centers and related power generation [3][19]. Core Insights - Data Center Trends: - Primary market supply reached a record 8,155 MW, up 17.6% from the second half of 2024 and 43.4% year-over-year, with vacancy rates dropping to a record low of 1.6% [6]. - Investment in data centers is shifting towards larger projects, with a focus on sites with 200 MW+ of power [6]. - Lease rates for requirements of 10 MW+ increased by as much as 19% regionally [6]. - Power availability remains a significant constraint, leading to investments in markets with better access to power [6]. - Machinery and Equipment: - Companies involved in engineering and planning (FLR, J, WSP) and those building supporting infrastructure (PWR, MTZ, PRIM, EME, DY) are expected to benefit from increased construction demand [4]. - Demand for machinery is driven by construction activities, benefiting rental companies (URI) and OEMs (DE, CNH) [4]. Additional Important Insights - Truck Production Forecast: ACT Research forecasts a 23% decline in Class 8 truck production for 2025, with a further 12% decline expected in 2026 [5][34]. - Investor Sentiment: Recent discussions indicate a shift in investor focus from construction to energy and tariffs, with concerns about whether data center strength can offset tariff headwinds [10]. - Non-Residential Construction: The forecast for non-residential construction has been revised downwards for 2025, with expectations of a 1% decline, but a growth forecast of 4% for 2026 remains intact [24]. - Fiber Investment: The BEAD program is expected to drive significant fiber investment, with estimates suggesting a market share of around 10% for certain companies, potentially leading to close to 10% growth in 2026 consensus revenue [27]. Market Trends - Power and Infrastructure: Positive trends in power and infrastructure sectors have been noted, with power increasing by 1.4% year-over-year from April to July [21]. - Telecom Margins: Telecom margins were slightly below expectations in Q2, with a focus on understanding the factors affecting margins moving forward [33]. Recommendations for Investors - Focus on companies with broad non-residential exposure such as MLM, VMC, OSK, and those with structural thematic exposure like DY, PWR, MTZ, and PRIM [25]. This summary encapsulates the key points discussed in the conference call, highlighting the current state and future outlook of the data center, construction, and machinery industries.