{"generated_at":"2026-09-05T09:39:26.175213+00:00","key_stats":{"computed":"2026-09-05T06:30:07.008510+00:00","constraint":56,"dcpi_score":27.7,"excess":44,"facility_count":272,"name":"Chicago","recent_deals":[{"buyer":"Digital Realty","date":"2025-08-28","mw":null,"seller":null,"value":null},{"buyer":"Digital Realty","date":"2025-08-28","mw":null,"seller":null,"value":null},{"buyer":"Digital Realty","date":"2025-08-28","mw":null,"seller":null,"value":null},{"buyer":"Digital Realty","date":"2025-08-28","mw":null,"seller":null,"value":null},{"buyer":"Digital Realty","date":"2025-08-28","mw":null,"seller":null,"value":null}],"slug":"chicago","state":"IL","top_operators":[{"count":17,"name":"Digital Realty"},{"count":6,"name":"NTT"},{"count":6,"name":"Unknown"},{"count":5,"name":"Centersquare"},{"count":5,"name":"CyrusOne"}],"total_mw":1563.0,"verdict":"AVOID"},"model":"claude-haiku-4-5","name":"Chicago","narrative_md":"# Chicago Data Center Market Analysis\n\nChicago's data center footprint encompasses 1,563 MW across 272 tracked facilities, but the market is experiencing acute power supply stress that fundamentally constrains near-term growth. Digital Realty dominates the operator landscape with 17 facilities, followed by NTT and an unidentified operator each holding 6 sites, while Centersquare and CyrusOne maintain 5 facilities apiece. The recent M&A activity shows five transactions attributed to Digital Realty since late August 2025, though deal specifics remain opaque. Notably, a recent Chicago Loop conversion project at 300 West Adams Street signals adaptive reuse interest, and an incinerator site remediation has attracted five separate parties exploring data center development potential.\n\nThe DCPI verdict of AVOID reflects genuine operational risk, not market maturity. With excess-power scoring just 44/100 paired against a constraint score of 56/100, Chicago presents a structural mismatch between demand and infrastructure capacity. For acquisition-focused investors, this signals that power procurement costs will escalate, PUE improvements face hard limits, and expansion capex will outpace revenue growth in the near term. Unlike markets with higher excess-power scores that can accommodate incremental capacity deployment, Chicago forces operators into power-constrained retrofit scenarios where architectural flexibility becomes compromised. This does not eliminate Chicago's strategic value\u2014the market remains the Midwest's de facto data center capital with institutional operator density\u2014but it reshapes deal mathematics unfavorably for buyers seeking margin expansion or rapid scaling.\n\nRecent M&A patterns show Digital Realty executing multiple transactions, but the opacity surrounding counterparties and asset descriptions suggests these may be portfolio consolidation rather than greenfield expansion plays. The DigiCo Infrastructure REIT's $750M Chicago facility sale demonstrates institutional willingness to exit, reinforcing the signal that power-constrained assets command lower multiples despite location premium. Smaller operators like Centersquare and CyrusOne maintain footholds with 5 facilities each, likely focusing on niche segments or customer lock-in rather than capacity competition. The interest in adaptive reuse\u2014both the 300 West Adams conversion effort and the incinerator site inquiry\u2014indicates that greenfield development faces regulatory or infrastructural barriers, pushing operators toward existing structures where power grid connections are already established, even if constrained.\n\nPower infrastructure upgrades and Illinois regulatory clarity around data center zoning will ultimately determine whether Chicago's constraint score improves, but near-term acquisition activity should remain disciplined and asset-specific rather than market-wide.","slug":"chicago","word_count":375}