Investor risk appetite for data centers remains high, according to real estate consultancy CBRE.

Conducted in early 2025, the 2025 Global Data Center Investor Intentions Survey collated responses from 92 unnamed investors, 84 percent of whom were based in the US. Private equity firms and colocation operator/developer/owners each constituted 27 percent of respondents, and 23 percent of respondents represent firms with more than $50bn of Assets Under Management.

Results show that investor confidence in the sector remains strong, with 95 percent of respondents planning to increase their data center investments and 41 percent planning to allocate $500m or more in equity to the sector. Risk appetites are growing concomitantly, with 62 percent of respondents saying they favor “opportunistic, new development strategies,” with just seven percent preferring investment in core assets.

Several high profile funding deals were struck this year, including Pimco's $29bn debt financing of Meta's gigawatt-scale data center project, Apollo's acquisition of Stream Data Centers and TierPoint, and a $400m loan to Princeton Digital Group for data center capex and refinancing.

Respondents to the this year's survey believed that power infrastructure constraints were the biggest risk to data centers – this is in comparison to 2024, where top investor concern was the cost and availability of debt.

Concerns about energy availability have become particularly acute in the US. A Bloomberg report in January of this year argued that data centers were straining American grid infrastructure and impacting the quality of power delivered to consumers, and growth has meant that ratepayers across regional transmission organization PJM Interconnection expect to see increased electricity costs in the coming years.

Regulatory authorities have taken note – Ohio’s Public Utilities Commission voted to approve a settlement that would require data centers to cover the cost of infrastructure buildout required to bring electricity to new facilities.

Hyperscale projects continue to enjoy the favor of investment strategies, with 49 percent of surveyors listing it as the top opportunity within data center investment over the next 12 to 24 months. This is an increase from last year’s 31 percent.

However, respondents have become less interested in ESG considerations. 73 percent indicated that they regarded ESG to be at least somewhat important, down from 93 percent in 2024 and 90 percent in 2023.

This is part of the broader pushback against ESG following the inauguration of the Trump administration. The Financial Times reported in April that global investors had pulled billions from “sustainable” funds in the first quarter of the year, and green bond sales have fallen.