In short
- Global data center electricity: 415 TWh in 2024, about 1.5 % of world use, projected near 945 TWh by 2030 (IEA).
- Northern Virginia alone holds about 4,200 MW of operational capacity at 0.3 % vacancy.
- Rents range from about $200–230 per kW-month in Chicago to $330–475 in Singapore.
- Building costs $11–15 per watt of IT in most major markets; 50 MW is a $550–760M build.
Global demand
The IEA's Energy and AI report puts data center electricity use at 415 TWh in 2024, an average draw of about 47 GW, growing about 12 % a year since 2017. Its projection for 2030 is about 945 TWh. In 2024 the United States accounted for 45 % of use, China 25 %, Europe 15 % and the rest of the world 15 %.
Rack density is the multiplier
The industry average is still approaching 8 kW per rack (Uptime Institute). Published AI racks run far higher: GB200 NVL72 at 120–132 kW, GB300 NVL72 at 132–142 kW and announced next-generation NVL72 at 190–230 kW. The same 10 MW holds 1,250 average racks or 43 next-generation ones. Higher density concentrates power and heat; see liquid cooling on allinCOOLING.
Where the megawatts are
| Market | Operational MW, Q1 2026 | Vacancy |
|---|---|---|
| Northern Virginia, US | 4,182 | 0.3 % |
| Atlanta, US | 1,465 | 1 % |
| Dallas–Fort Worth, US | 1,249 | 1.8 % |
| Frankfurt, Germany | 1,223 | 5 % |
| Tokyo, Japan | > 1,000 | – |
| Chicago, US | 911 | – |
| Paris, France | 667 | – |
| São Paulo, Brazil | 537 | – |
| Querétaro, Mexico | 298 | – |
Vacancy below 2 % means new capacity is leased before it is built. Dallas–Fort Worth has a record 716.7 MW under construction, 88 % preleased; Querétaro grew 450 % year on year. Source: CBRE Global Data Center Trends 2026.
What a kilowatt rents for
| Market | US$ per kW per month |
|---|---|
| Singapore | 330–475 |
| Frankfurt | 235–265 |
| Chicago | 200–230 |
What a megawatt costs to build
Turner & Townsend's Data Centre Construction Cost Index 2025–2026 puts the most expensive markets at $15.2 per watt in Tokyo, $14.5 in Singapore and $14.2 in Zurich. Construction costs rose 5.5 % in 2025, with AI halls at a 7–10 % premium in the US. These figures exclude land, grid connection and IT equipment.
What it means for a project
- At $11–15 per watt, 50 MW of IT is a $550–760 million build before land and grid.
- Every megawatt lost in the power chain, through a high PUE or too much headroom, is roughly $11–15 million of capacity paid for but not sellable.
- With near-zero vacancy in the largest markets, the scarce input is power with a date, not demand.
Questions about demand and cost
How much electricity do data centers use?
About 415 TWh in 2024, roughly 1.5 % of world electricity, according to the IEA. Its projection for 2030 is about 945 TWh.
What is the largest data center market?
Northern Virginia, with about 4,200 MW of operational capacity in Q1 2026 and vacancy near 0.3 % (CBRE).
How much does a data center cost per MW?
Roughly $11–15 million per MW of IT in most major markets for the building, power and cooling, excluding land, grid and IT equipment.
Why is vacancy so low?
Demand from cloud and AI grows faster than grid connections and construction can deliver, so capacity is leased before completion.
Sources
- IEA, Energy and AI (2025): electricity use and regional shares.
- CBRE Global Data Center Trends 2026: inventory, vacancy, pipeline and rents.
- Turner & Townsend Data Centre Construction Cost Index 2025–2026; Uptime Institute survey (average density).