{"comps":{"land":[],"powered_shell":[]},"hero":{"composite_score":null,"computed_at":"2026-10-27T08:30:23.941009+00:00","constraint_score":56.0,"excess_power":35.0,"iso":"PJM","lat":41.87,"lng":-87.63,"name":"Chicago","queue_wait_months":null,"slug":"chicago","state":"IL","time_to_power_mo":36.0,"time_to_power_months":36.0,"verdict":"AVOID"},"is_pro":true,"kpis":{"facility_count":304,"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":38,"operational_mw":1298.0,"pipeline_mw":0.0,"queue_months":null,"top_operator":{"facility_count":17,"name":"Digital Realty"},"total_mw":1563.0,"unverified_included":true,"vacancy_pct":null},"live_as_of":{"age_hours":0.1,"iso":"2026-10-27T08:30:23.941009+00:00"},"ma":[{"buyer":"DigiCo Infrastructure REIT","date":null,"mw":null,"seller":null,"type":"sale","value":750.0,"value_unit":"USD millions"}],"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":17,"operator":"Digital Realty","ranked_by":"facility_count","total_mw":102.0},{"facility_count":6,"operator":"NTT","ranked_by":"facility_count","total_mw":115.0},{"facility_count":6,"operator":"Equinix","ranked_by":"facility_count","total_mw":98.0},{"facility_count":5,"operator":"CyrusOne","ranked_by":"facility_count","total_mw":100.0},{"facility_count":5,"operator":"CoreSite","ranked_by":"facility_count","total_mw":15.0}],"outlook":{"generated_at":"2026-10-25T09:38:30.091318+00:00","narrative_md":"Chicago's data center market comprises 304 tracked facilities totaling 1,563 MW across all development stages, with Digital Realty commanding the largest footprint at 17 sites, followed by NTT and Equinix at 6 sites each. The market remains concentrated among a handful of operators\u2014the top four control 34 facilities\u2014reflecting both the capital intensity of the sector and the maturity of Chicago's infrastructure ecosystem. Recent activity includes a DigiCo Infrastructure REIT sale valued at $750 million and a Digital Realty acquisition, both signaling continued consolidation among institutional players.\n\nThe DCPI verdict of AVOID carries direct implications for growth-oriented capital. The excess-power score of 35/100 indicates severe undersupply relative to demand, while the constraint score of 56/100 signals that utility and infrastructure bottlenecks will materially limit expansion velocity. For buyers evaluating greenfield or major expansion plays, this combination suggests Chicago's carrying capacity is constrained by factors beyond real estate availability\u2014likely power procurement timelines, interconnection queues, or municipal permitting friction. The dual warning flags suggest that capital deployed here will face extended development cycles and elevated soft costs before reaching revenue-generating status.\n\nDeal flow remains thin relative to the market's installed base. The $750 million DigiCo sale and the Digital Realty acquisition represent the only tracked transactions in the dataset, implying that M&A activity is episodic rather than continuous. Digital Realty's dominant position with 17 facilities gives it negotiating leverage on utility partnerships and renewal contracts, a structural advantage that smaller operators like Centersquare (5 sites) lack. The absence of frequent sub-100 MW trades or secondary facility sales suggests that existing operators are holding assets through cycle, waiting for either constraint relief or upmarket rental growth to improve exit valuations. This holding pattern may reflect confidence in long-term demand or simply the illiquidity penalty on Chicago assets given the power constraint signal.\n\nInvestors should monitor utility roadmap announcements and municipal zoning amendments around the 300 West Adams Street conversion project, as rezoning success could signal whether Chicago's constraint score moves toward relief or hardens further into the next assessment cycle.","rationale":null,"verdict":"AVOID","word_count":336},"pipeline":[],"power_grid":{"gen_additions_mw":2345.0,"interconnection_pending_mw":298078.4,"iso":"PJM","iso_queue":{"as_of":"2026-10-27","as_of_basis":"live_feed_fetch_date","basis_note":"Active serial + Transition Cycle (TC1/TC2) + Cycle 1 generation requests, sum of MFO (maximum facility output, not firm MW capacity); excludes transmission-service requests, In Service and Withdrawn. Since 2026-10-20 this total includes PJM's Cycle 1 requests, which the serial export alone did not list (that is why it rose from ~135 GW); not a PJM refresh","iso":"PJM","queue_kind":"generation_queue","queued_generation_gw":374.2,"source_name":"PJM cycle + serial service request status (active generation requests, sum of MFO)","source_url":"https://www.pjm.com/planning/m/cycle-service-request-status"},"queue_capacity_mw":96331.8,"queue_wait_months":null,"reserve_margin_pct":14.0,"time_to_power_as_of":"2026-10-27T08:30:23.941009+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":"chicago","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 48 Aqueduct 4.0 baseline-annual basins (arid counted as ","water_stress":28.6,"wildfire_seismic_note":null},"slug":"chicago","tier":"FREE"}