Research, analysis, and perspectives on the built world.
Hyperscale and AI anchor leases in 2026 are being structured around power floors, take-or-pay commitments, and tightened ramp provisions as developers gain leverage from constrained grid access. This post covers the commercial terms that matter, with real deal examples and negotiating dynamics.
June 16, 2026 ·6 min read
Oklahoma, Virginia, and North Carolina passed or advanced ratepayer protection legislation in June 2026 requiring data center developers to fund their own grid upgrades. This post explains what the laws require, the cost implications for project underwriting, which markets are most exposed, and what belongs in pre-LOI diligence now.
June 15, 2026 ·5 min read
As of June 2026, 14 US states are considering or have implemented data center construction restrictions, with New York passing a one-year statewide moratorium. This piece explains the three forces driving the wave, what the restrictions look like in practice, and why regulatory risk now belongs in the first pass of site selection diligence.
June 12, 2026 ·4 min read
Private credit is becoming a major funding source for data center development. This piece explains why the capital is moving, how it changes underwriting and what developers need to de-risk first.
June 10, 2026 ·4 min read
This post explains the 2026 data center policy shift affecting institutional developers. It covers ratepayer protection, water permitting, utility cost allocation, local approvals and why policy diligence now belongs in early site screening.
June 3, 2026 ·5 min read
This post explains why data center moratoriums and pause policies are becoming a material site selection variable in 2026. It covers power grid constraints, local political resistance, Dublin and Amsterdam precedents, proposed US restrictions and how developers should underwrite entitlement risk before site control.
June 2, 2026 ·5 min read
Data center development in 2026 is being led by the energy deal, not the land deal. This post explains how grid queues, behind-the-meter power, nuclear offtake, gas generation and renewable procurement are changing project underwriting.
June 1, 2026 ·5 min read
Institutional capital is moving into data centers because AI demand has turned power access into a scarce infrastructure asset. This post explains where the money is going, why utility readiness now matters as much as tenant demand and how developers should underwrite capital risk.
May 29, 2026 ·5 min read
This post explains why demand response is becoming more relevant to data center development in 2026. It connects AI-driven load growth, utility constraints, tenant reliability requirements and the practical limits of flexible operations.
May 28, 2026 ·5 min read