Data centers are becoming the most contested asset class in real estate — and the cracks are starting to show.

Demand from AI developers and cloud giants has pushed leasing to historic highs, with tenant power requirements doubling in many markets and rents soaring. But supply can’t keep up.

Power constraints are stalling projects from Northern Virginia to Phoenix. Entitlements are being weaponized. And the cost to build — and borrow — has never been higher.

On this week’s First Draft Live, Bisnow National Data Center Reporter Dan Rabb joins us to break down the sector’s most urgent challenges:

• Why even fully capitalized developers are struggling to get power to shovel-ready sites.

• How hyperscale tenants are reshaping leases — demanding more power, more control and more flexibility.

• Where political backlash and community opposition are slowing down growth.

• What new financing strategies are emerging as spec lending dries up.

We’ll cut through the headlines and get to the bottom of what’s driving — and threatening — the data center boom. Dan will also take live questions from the audience, so bring your sharpest.

It’s a market in transition. Let’s talk about where it’s going — and who stands to lose if it stalls.

Audience questions are welcome and will be fielded by our producer during the livestream. Can’t attend live? Register anyway — the recording will be available within 24 hours. To watch or listen to past episodes, click here.
 

Interested in speaking? Contact Director of Global Production Elizabeth Baker at liz.baker@bisnow.com.