{"comps":{"land":[],"powered_shell":[]},"hero":{"composite_score":null,"computed_at":"2026-10-27T00:54:59.369781+00:00","constraint_score":59.8,"excess_power":30.5,"iso":"SOCO","lat":33.75,"lng":-84.53,"name":"ATLANTA","queue_wait_months":null,"slug":"atlanta","state":"GA","time_to_power_mo":36.0,"time_to_power_months":36.0,"verdict":"AVOID"},"is_pro":true,"kpis":{"facility_count":220,"headline_basis":"every facility listing DC Hub tracks in this market (operational, under construction, planned and announced; verified and unverified listings included), deduplicated by name + operator across the facilities and discovered_facilities tables. MW is summed over the listings that report capacity (mw_reporting_count of facility_count), so read it as a floor.","lease_rate":null,"mw_reporting_count":27,"operational_mw":1372.0,"pipeline_mw":832.0,"queue_months":null,"top_operator":{"facility_count":11,"name":"Digital Realty"},"total_mw":2386.0,"unverified_included":true,"vacancy_pct":null},"live_as_of":{"age_hours":3.8,"iso":"2026-10-27T00:54:59.369781+00:00"},"ma":[],"ok":true,"open_access":"Open to every caller: this is one of the 20 largest US data-center markets by tracked capacity, and its full market briefing (grid, risk, time to power, scores) is free.","operators":[{"facility_count":11,"operator":"Digital Realty","ranked_by":"facility_count","total_mw":500.0},{"facility_count":11,"operator":"Flexential","ranked_by":"facility_count","total_mw":10.0},{"facility_count":9,"operator":"DataBank","ranked_by":"facility_count","total_mw":29.0},{"facility_count":5,"operator":"Switch","ranked_by":"facility_count","total_mw":480.0},{"facility_count":4,"operator":"Equinix","ranked_by":"facility_count","total_mw":70.0}],"outlook":{"generated_at":"2026-10-25T09:38:17.275690+00:00","narrative_md":"# Atlanta Data Center Market Analysis\n\nAtlanta's market comprises 220 tracked facilities totaling 2,386 MW across all development stages, with Digital Realty and Flexential each operating 11 sites and DataBank holding 9, yet faces material constraints that suppress forward returns. The DCPI constraint score of 59/100 signals infrastructure bottlenecks\u2014primarily power distribution and grid interconnection capacity\u2014that will materially delay project timelines and increase capex per megawatt. The excess-power score of 30/100 indicates limited availability of uncommitted capacity within existing sites, narrowing expansion runway for operators without greenfield optionality. This combination creates a structural headwind distinct from oversupply; the market is not saturated but rather physically constrained.\n\nThe AVOID verdict reflects a fundamental mismatch between acquisition and development capital seeking entry and the market's ability to absorb it profitably. For acquisition-focused buyers, the 59/100 constraint rating means that facilities trading today command premiums that do not justify acquisition at prevailing cap rates, given near-term difficulty in achieving density improvements or lease-rate growth. For greenfield developers, the constraint score directly translates to extended permitting cycles, interconnection queues, and utility coordination costs that erode project IRRs. Both buyer profiles should treat Atlanta as a defensive hold-and-operate market rather than a growth play until constraint dynamics materially shift.\n\nRecent lease activity shows fragmented demand: QumulusAI has announced two lease transactions (terms and capacity undisclosed) but neither reached named secondary operator capacity, suggesting either small commitments or tenant-specific customization rather than bulk wholesale absorption. This pattern aligns with peer-market dynamics in Douglasville and Marietta, where organic lease flow remains minimal and M&A activity does not compensate for constrained greenfield supply. Digital Realty and Flexential, with 11 operational sites each, dominate the managed portfolio, but their market share does not translate into pricing power given the wider constraint environment. The absence of announced large acquisitions in Atlanta contrasts sharply with other high-growth metros and reflects investor hesitancy in the face of documented power and infrastructure bottlenecks.\n\nAtlanta's claim to leading data center construction activity nationally collides with simultaneous withdrawal of gigawatt-scale projects by developers pivoting to alternative land use, suggesting that buildable supply and economically viable supply are diverging\u2014a signal to watch for further project deferrals or cost inflation through 2026 and beyond.","rationale":null,"verdict":"AVOID","word_count":366},"pipeline":[{"eta":null,"facility":"Microsoft Fairwater AI Superfactory","operator":"Microsoft","power_mw":500.0,"status":"Under Construction"},{"eta":null,"facility":"Equinix Hampton xScale Campus","operator":"Equinix","power_mw":240.0,"status":"Under Construction"},{"eta":null,"facility":"ServerFarm Covington","operator":"ServerFarm","power_mw":60.0,"status":"Planned"},{"eta":null,"facility":"Form8tion Atlanta 1","operator":"Form8tion","power_mw":30.0,"status":"Under Construction"},{"eta":null,"facility":"Southeast Property Holdings Hampton","operator":"Southeast Property Holdings","power_mw":2.0,"status":"Planned"},{"eta":null,"facility":"SDC ATLA","operator":null,"power_mw":null,"status":"Planned"},{"eta":null,"facility":"DCB ATLANTA EAST, LLC","operator":null,"power_mw":null,"status":"Planned"},{"eta":null,"facility":"THE KEEP 2 CAMPUS","operator":null,"power_mw":null,"status":"Planned"}],"power_grid":{"gen_additions_mw":663.8,"interconnection_pending_mw":null,"iso":"SOCO","iso_queue":null,"queue_capacity_mw":null,"queue_wait_months":null,"reserve_margin_pct":14.0,"time_to_power_as_of":"2026-10-27T00:54:59.369781+00:00","time_to_power_basis":"DCPI modelled months to energize a new large load in this market (method: https://dchub.cloud/dcpi/methodology); a model estimate, not a utility date","time_to_power_months":36.0},"redirect_to":null,"requested":"atlanta","risk":{"drought_months_d2_plus":null,"errors":{"drought_months_d2_plus":"no_drought_source_ingested"},"water_band":2,"water_band_label":"Low-Medium","water_category":"mean of 54 Aqueduct 4.0 baseline-annual basins (arid counted as ","water_stress":35.2,"wildfire_seismic_note":null},"slug":"atlanta","tier":"FREE"}