{"generated_at":"2026-10-20T09:21:33.240673+00:00","key_stats":{"computed":"2026-10-20T09:18:14.242120+00:00","constraint":50,"dcpi_score":26.9,"excess":43,"facility_count":304,"mw_reporting_count":38,"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":"Unknown"},{"count":6,"name":"NTT"},{"count":6,"name":"Equinix"},{"count":5,"name":"Centersquare"}],"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 spans 304 tracked facilities totaling 1,563 MW, concentrated among four operators: Digital Realty leads with 17 properties, followed by NTT and Equinix at 6 each, and Centersquare at 5. The market has demonstrated institutional maturity, evidenced by a $750 million DigiCo Infrastructure REIT exit and ongoing conversion activity\u2014notably a Chicago Loop office-to-data-center conversion at 300 West Adams Street that cleared municipal approval. The suburban ring hosts approximately 170 additional facilities, reinforcing the region's dual-market structure.\n\nThe DCPI verdict of AVOID reflects a constrained operational environment: excess-power scores 43/100, signaling limited headroom for incremental capacity deployment, while constraint scores 50/100, indicating mid-range pressure on interconnection and grid access. For buyers, this combination argues against greenfield or brownfield acquisitions predicated on power-intensive growth scenarios. Capital deployed here will compete for scarce kilowatt availability and face elevated interconnection timelines. Sellers, conversely, may find this backdrop supportive of near-term exit valuations, particularly for assets with locked power contracts or existing utility relationships.\n\nDeal flow remains opaque: recent M&A entries attributed to Digital Realty lack confirmation details, suggesting either portfolio housekeeping or incomplete transaction records. The absence of large operator-announced expansion rounds contrasts with the $750 million DigiCo sale and points to a consolidation-focused rather than growth-focused acquisition cycle. Digital Realty's dominance\u2014commanding 17 of 304 tracked sites\u2014reflects historical market concentration; no rival operator has announced capacity additions of comparable scale. The presence of conversion opportunities (300 West Adams) signals demand for colocation and edge-proximate capacity, yet planning timelines and retrofit economics remain uncertain.\n\nNear-term capital should flow toward existing assets with stable power agreements and established customer bases rather than speculative capacity plays, as Chicago's grid constraints are unlikely to ease within the next 18\u201324 months.","slug":"chicago","word_count":291}