JLL says strong AI demand cannot protect data center projects that lack firm power, anchor tenants or credible delivery timelines. Construction cost escalation has settled at 3% to 6% a year, up from 2% to 3% before 2020, and global tender prices are forecast to rise another 3.1% to 4.2% in 2027. The greatest risk falls on speculative campuses without anchor tenants, projects with uncertain power, and fixed-rent deals that cannot absorb cost increases. Shortages of electricians, high-voltage specialists and cooling technicians also slow schedules, so JLL recommends phased construction, early equipment orders and flexible designs.
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