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<i xmlns="http://www.w3.org/1999/xhtml">Data center-related...

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<i xmlns="http://www.w3.org/1999/xhtml">Data center-related companies accounted for a record 14.4% of industrial leasing across six major U.S. markets in 2025, up 44% from the prior year</i>

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As investment in AI infrastructure accelerates, the conversation around data centers has largely focused on power demand, land use and the number of permanent jobs created inside the facilities. New research from Cushman &amp; Wakefield suggests that perspective captures only part of the economic picture.

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Cushman &amp; Wakefield recently released <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.cushmanwakefield.com%2Fen%2Funited-states%2Finsights%2Ffrom-megawatts-to-multipliers&amp;esheet=54588600&amp;newsitemid=20260812358100&amp;lan=en-US&amp;anchor=From+Megawatts+to+Multipliers%3A+The+Data+Center+Effect+on+Industrial+Demand%2C+Jobs+and+Local+Revenue&amp;index=1&amp;md5=cedf0a0474b105820d7a4e22d02959e2" shape="rect"><i xmlns="http://www.w3.org/1999/xhtml">From Megawatts to Multipliers: The Data Center Effect on Industrial Demand, Jobs and Local Revenue</i></a>, a new report examining how data center development is driving industrial real estate demand and generating broader economic activity across the United States through the companies that build, equip, maintain and supply these facilities.

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Analyzing more than 388 million square feet of industrial leasing across six major U.S. data center markets between 2022 and 2025, the report found that businesses tied to the data center ecosystem accounted for 10.4% of all new industrial leasing activity during the period. As AI investment accelerated, that share climbed to a record 14.4% in 2025, with data center-related leasing increasing 44% year over year to 13.5 million square feet.

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&#34;Much of the conversation around data centers has focused on what happens inside the facility,&#34; said Cameron Martin, Global Research Manager at Cushman &amp; Wakefield. &#34;Our research shows there is also a significant economic story unfolding beyond the data center itself. As new facilities come online, they create demand for an ecosystem of manufacturers, contractors, suppliers and service providers that lease industrial space, hire workers and contribute to local economies.&#34;

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The report identifies growing demand from companies that manufacture electrical equipment, cooling systems and power infrastructure, as well as engineering firms, telecommunications providers, logistics companies, wholesalers and specialized contractors that support data center construction and operations. While these businesses span multiple industries, together they are becoming an increasingly important source of industrial leasing demand in markets experiencing rapid data center growth.

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The impact was especially pronounced in Dallas, where companies supporting the data center ecosystem accounted for 22% of new industrial leasing within the size range studied in 2025, the highest share among the six markets analyzed.

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<b xmlns="http://www.w3.org/1999/xhtml">Measuring the Multiplier Effect</b>

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Across the six markets studied, industrial leasing tied to the data center ecosystem supported an estimated 33,000 to 50,000 initial industrial jobs between 2022 and 2025. The report estimates those jobs generated an additional 2.5 jobs through supply chain and household spending effects for every direct industrial job created, resulting in an estimated 81,000 to 124,000 total jobs and approximately $11.6 billion in annual gross economic output.

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Based on the average impacts across the six markets, every 100 megawatts of new data center development is associated with approximately 365,000 square feet of industrial leasing, 1,285 initial and downstream jobs, $110 million in annual wages, $344 million in gross economic output and approximately $15 million in annual fiscal benefits.

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&#34;AI is driving one of the largest infrastructure expansions we&#39;ve seen in decades,&#34; John McWilliams, Head of Data Center Insights at Cushman &amp; Wakefield said. &#34;Understanding its economic impact means looking beyond the buildings themselves to the broader industrial ecosystem that enables them. Those multiplier effects are becoming increasingly meaningful for developers, occupiers and the communities where this investment is taking place.&#34;

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The report analyzed industrial leasing activity across Atlanta, Austin/San Antonio, Chicago, Dallas, Phoenix and Virginia, combining Cushman &amp; Wakefield leasing data with regional economic modeling to evaluate the broader economic effects associated with data center-related industrial demand. Together, these markets contain approximately 19.6 gigawatts of operational data center capacity, with another 11.8 gigawatts currently under construction.

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<b xmlns="http://www.w3.org/1999/xhtml">About Cushman &amp; Wakefield</b>

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Cushman &amp; Wakefield (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/CWK">CWK</a>) is a leading global commercial real estate services firm for occupiers and investors with approximately 53,000 employees in over 350 offices and nearly 60 countries. In 2025, the firm reported revenue of $10.3 billion across its core service lines of Services, Leasing, Capital markets, and Valuation and other. Built around the belief that <i xmlns="http://www.w3.org/1999/xhtml">Better never settles</i>, the firm receives numerous industry and business accolades for its award-winning culture. For additional information, visit <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.cushmanwakefield.com&amp;esheet=54588600&amp;newsitemid=20260812358100&amp;lan=en-US&amp;anchor=www.cushmanwakefield.com&amp;index=2&amp;md5=3243280be5a398845034a364339e5e15" shape="rect">www.cushmanwakefield.com</a>.

</p><p xmlns="http://www.w3.org/1999/xhtml"><img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260812358100r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img><span xmlns="http://www.w3.org/1999/xhtml" class="bwct31415"></span></p><p xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink"><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-phrase">View source version on businesswire.com: </span><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-link"><a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260812358100/en/" rel="nofollow">https://www.businesswire.com/news/home/20260812358100/en/</a></span></p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Media Contact:</b>

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<b xmlns="http://www.w3.org/1999/xhtml">Garrett Derderian 
</b><br xmlns="http://www.w3.org/1999/xhtml"></br>VP, Americas Corporate Communications
<br xmlns="http://www.w3.org/1999/xhtml"></br>+1 917 291 9159

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Cushman & Wakefield: AI Infrastructure Boom Fuels Growing Wave of Industrial Demand Beyond the Data Center

Cushman data-center study highlights rising industrial demand, potential upside for CWK

<section class="insight" data-version="1">
  <section data-block="information">
    <h3>Information</h3>
    <p>&lt;p xmlns=&quot;http://www.w3.org/1999/xhtml&quot;&gt;
&lt;i xmlns=&quot;http://www.w3.org/1999/xhtml&quot;&gt;Data center-related...</p>
  </section>

  <section data-block="ai-summary-paragraph">
    <h3>AI Summary</h3>
    <p>CWK highlights a Cushman &amp; Wakefield analysis showing data center ecosystems drove 14.4% of 2025 industrial leasing, up 44% from 2024. The research links AI infrastructure growth to broader economic activity, suggesting higher demand for CWK&#039;s services across data-center construction, equipment supply, and related facilities management, potentially expanding its addressable market and revenue opportunities.</p>
  </section>

  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>Data center ecosystem accounted for 14.4% of 2025 industrial leasing, up 44% YoY.</li><li>Cushman &amp; Wakefield&#039;s report ties data center growth to broader economic activity and jobs.</li><li>Dallas led 2025 data center leasing with a 22% share.</li><li>Estimated 33k-50k initial industrial jobs; total 81k-124k with multiplier effects.</li><li>Markets studied include Atlanta, Austin/San Antonio, Chicago, Dallas, Phoenix, Virginia; 19.6 GW capacity.</li></ul>
  </section>

  <section data-block="companies-mentioned">
    <h3>Companies Mentioned</h3>
    <ul><li><strong>Cushman &amp; Wakefield (CWK)</strong>: Source of the study; its data-center insights may bolster CWK&#039;s advisory and leasing services.</li><li><strong>Private data center equipment manufacturers (N/A)</strong>: Indirect beneficiaries of expansion; potential CWK clients for project sourcing and advisory work.</li><li><strong>Electrical equipment and cooling systems suppliers (N/A)</strong>: Benefit from data center buildouts; could indirectly drive CWK engagement in project development.</li></ul>
  </section>

  <section data-block="category">
    <h3>Industry News</h3>
    <p>Category: Industry News. The release centers on a market-relevant research study about data center-driven industrial demand and its broader economic multipliers, fitting CWK&#039;s data-center and industrial real estate services focus.</p>
  </section>

  <section data-block="market-moving">
    <h3>Market-Moving</h3>
    <ul><li>Record 14.4% share of industrial leasing linked to data centers in 2025 signals durable capex tailwinds.</li><li>Dallas data-center ecosystem accounted for 22% of new industrial leasing in 2025, a regional driver.</li><li>Six-market scope with 19.6 GW capacity operational and 11.8 GW under construction.</li></ul>
  </section>

  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>Study analyzed over 388 million sq ft of industrial leasing across six markets (2022-2025).</li><li>Data-center-related leasing rose 44% YoY to 13.5 million sq ft in 2025.</li><li>Direct industrial jobs 33k-50k; total jobs 81k-124k with multiplier effects (2.5x).</li><li>Every 100 MW of new data center development associates with 365k sq ft leasing, 1,285 jobs, $110M wages, $344M output, $15M fiscal benefits.</li></ul>
  </section>

  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>Bullish in 3–6 months as data-center expansion widens CWK&#039;s services pipeline.</p>
  </section>
</section>


<article>
  <section>
    <h2>AI Infrastructure Boom Fuels Industrial Demand Beyond the Data Center</h2>
    <p>AI infrastructure investments are reshaping industrial real estate, according to Cushman & Wakefield. Data center-related companies accounted for a record <strong>14.4%</strong> of industrial leasing across six major U.S. markets in 2025, up <strong>44%</strong> from the prior year. The study, <a href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.cushmanwakefield.com%2Fen%2Funited-states%2Finsights%2Ffrom-megawatts-to-multipliers&amp;esheet=54588600&amp;newsitemid=20260812358100&amp;lan=en-US&amp;anchor=From+Megawatts+to+Multipliers%3A+The+Data+Center+Effect+on+Industrial+Demand%2C+Jobs+and+Local+Revenue&amp;index=1&amp;md5=cedf0a0474b105820d7a4e22d02959e2" rel="nofollow">From Megawatts to Multipliers: The Data Center Effect on Industrial Demand, Jobs and Local Revenue</a>, examines how data center development drives industrial demand and broader economic activity through the companies that build, equip, maintain and supply these facilities.</p>
    <p>CWK’s analysis highlights that AI-driven investment is expanding the ecosystem beyond the buildings themselves, engaging manufacturers, contractors, suppliers and service providers who lease industrial space, hire workers and contribute to local economies.</p>
  </section>

  <section>
    <h3>Study scope and key metrics</h3>
    <p>Analyzing more than <strong>388 million square feet</strong> of industrial leasing across six major U.S. data center markets between 2022 and 2025, the report found that businesses tied to the data center ecosystem accounted for <strong>10.4%</strong> of all new industrial leasing activity during the period. As AI investment accelerated, that share climbed to a record <strong>14.4%</strong> in 2025, with data center-related leasing increasing <strong>44%</strong> year over year to <strong>13.5 million square feet</strong>.</p>
    <p>“Much of the conversation around data centers has focused on what happens inside the facility,” said Cameron Martin, Global Research Manager at Cushman & Wakefield. “Our research shows there is also a significant economic story unfolding beyond the data center itself. As new facilities come online, they create demand for an ecosystem of manufacturers, contractors, suppliers and service providers that lease industrial space, hire workers and contribute to local economies.”</p>
  </section>

  <section>
    <h3>Industries fueling demand and regional emphasis</h3>
    <p>The report identifies growing demand from companies that manufacture electrical equipment, cooling systems and power infrastructure, as well as engineering firms, telecommunications providers, logistics companies, wholesalers and specialized contractors that support data center construction and operations. While these businesses span multiple industries, together they are becoming an increasingly important source of industrial leasing demand in markets experiencing rapid data center growth.</p>
    <p>The impact was especially pronounced in Dallas, where companies supporting the data center ecosystem accounted for <strong>22%</strong> of new industrial leasing within the size range studied in 2025, the highest share among the six markets analyzed.</p>
  </section>

  <section>
    <h3>Measuring the multiplier effect</h3>
    <p>Across the six markets studied, industrial leasing tied to the data center ecosystem supported an estimated <strong>33,000 to 50,000</strong> initial industrial jobs between 2022 and 2025. The report estimates those jobs generated an additional <strong>2.5</strong> jobs through supply chain and household spending effects for every direct industrial job created, resulting in an estimated <strong>81,000 to 124,000</strong> total jobs and approximately <strong>$11.6 billion</strong> in annual gross economic output.</p>
    <p>Based on the average impacts across the six markets, every <strong>100 megawatts</strong> of new data center development is associated with approximately <strong>365,000 square feet</strong> of industrial leasing, <strong>1,285</strong> initial and downstream jobs, <strong>$110 million</strong> in annual wages, <strong>$344 million</strong> in gross economic output and approximately <strong>$15 million</strong> in annual fiscal benefits.</p>
  </section>

  <section>
    <p>“<em>AI is driving one of the largest infrastructure expansions we’ve seen in decades</em>,” John McWilliams, Head of Data Center Insights at Cushman & Wakefield, said. “<em>Understanding its economic impact means looking beyond the buildings themselves to the broader industrial ecosystem that enables them. Those multiplier effects are becoming increasingly meaningful for developers, occupiers and the communities where this investment is taking place.</em>”</p>
  </section>

  <section>
    <p>The report analyzed industrial leasing activity across Atlanta, Austin/San Antonio, Chicago, Dallas, Phoenix and Virginia, combining Cushman & Wakefield leasing data with regional economic modeling to evaluate the broader economic effects associated with data center-related industrial demand. Together, these markets contain approximately <strong>19.6 gigawatts</strong> of operational data center capacity, with another <strong>11.8 gigawatts</strong> currently under construction.</p>
  </section>

  <section>
    <h3>About Cushman & Wakefield</h3>
    <p>Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for occupiers and investors with approximately 53,000 employees in over 350 offices and nearly 60 countries. In 2025, the firm reported revenue of <strong>$10.3 billion</strong> across its core service lines of Services, Leasing, Capital markets, and Valuation and other. Built around the belief that <em>Better never settles</em>, the firm receives numerous industry and business accolades for its award-winning culture. For additional information, visit <a href="https://www.cushmanwakefield.com" rel="nofollow">www.cushmanwakefield.com</a>.</p>
  </section>

  <section>
    <h3>Media contact</h3>
    <p><strong>Garrett Derderian</strong><br>VP, Americas Corporate Communications<br>+1 917 291 9159</p>
  </section>
</article>

CWK highlights a Cushman & Wakefield analysis showing data center ecosystems drove 14.4% of 2025 industrial leasing, up 44% from 2024. The research links AI infrastructure growth to broader economic activity, suggesting higher demand for CWK's services across data-center construction, equipment supply, and related facilities management, potentially expanding its addressable market and revenue opportunities.

News insight

Cushman & Wakefield: AI Infrastructure Boom Fuels Growing Wave of Industrial Demand Beyond the Data Center

AI summary

Sentiment rationale

Key facts

Industry News