Towers & data centers · Primary-market vacancy hit a record-low 1.4% at end-2025
Primary data-center markets have almost no vacant space, and new builds wait on power hookups and construction, so AI deployments queue for capacity.
10 segments · 46 companies
Real Estate & REITs
−1.4%chain · 1M
Capital costs and tenant demand shape property investment, occupancy and rents; each property branch has different drivers.
- The Real Estate & REITs covers 10 segments and 46 companies, 1 of them chokepoints.
- Over the past month the chain's median listed company returned −1.4%, against 0.0% for the S&P 500.
- The strongest segment is Hotels & gaming property (+13.6%) and the weakest Offices & life-science properties (−6.8%), a 20.4-point spread.
The chain, stage by stage
Upstream on the left, end demand on the right. Figures are 1-month returns; the segment shows its median.
Homes & retailIndustry & officesHealthcare & leisureDigital & resources
Capital & information
Property services & information+5.0%
Property operations
Apartments & rental homes+0.7%
ESS+0.7%INVH−0.1%MAA−1.2%UDR+2.8%CPT+2.0%
Retail properties−1.6%
SPG−0.2%O−1.6%KIM+0.8%REG−1.8%FRT−3.2%
Logistics & self-storage−1.3%
PLD−6.1%PSA+3.0%EXR+3.6%EGP+0.8%FR−3.2%REXR−2.6%STAG−1.3%
Offices & life-science properties−6.8%
BXP−7.8%ARE−20.3%CUZ−2.9%HIW−4.9%KRC+0.7%SLG−9.9%VNO−6.8%
Healthcare & senior housing−1.1%
WELL+1.6%VTR−1.1%DOC−10.3%
Hotels & gaming property+13.6%
HST+13.6%VICI−3.5%APLE+15.6%GLPI−3.9%PK+13.7%RHP+8.3%SHO+14.6%
Towers & data centers−2.1%
AMT+2.5%CCI+8.7%SBAC−1.4%EQIX−6.1%DLR−5.0%IRM−2.9%
Timberlands−6.3%
WY−11.9%LPX+6.6%RYN−9.1%UFPI−3.6%
Tenant demand
Residents, businesses & operators
Which segments are leading
Median price return of the listed companies in each segment.
Chokepoints
Concentrated, hard-to-replace links that can cap the whole chain.
Key numbers
North American data-center vacancy1.4%CBRE · North America data center market 2025
Sources
- Nareit · REIT sectors 2026-10-07（查阅）
- CBRE · North America data center market 2025 2026-02-26
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