Power availability in San Antonio: time-to-power 35.4 months, as of 2026-10-03. Source: DC Hub.
Data Center Market Deep-Dive · 375 words · generated 2026-10-02 from live DC Hub data · DCPI live as of 2026-10-03
Asking rate range (broker report): $160–$185 /kW/mo (250-500 kW (CBRE quoted asking rate, 250+ kW N+1/Tier III)), H1 2026.
Asking base rent per kW of critical IT capacity. Electricity is normally billed separately (metered pass-through), plus cross-connects and one-time fees. Signed deals, term and size change the number. Source: CBRE North America Data Center Trends H1 2026 (250+ kW): Austin-San Antonio (combined market) $160-185/kW/mo (link)
San Antonio operates tracked facilities totaling 1,797 MW across a competitive operator landscape, but faces a mixed growth signal. Microsoft leads with facilities, followed by three operators tied at facilities each (Unknown, an unnamed operator, and CyrusOne), while Vantage Data Centers maintains a smaller footprint of facilities. The market has attracted recent infrastructure announcements—CyrusOne announced a sixth data center campus expected completion by June 2027—signaling confidence in San Antonio's continued relevance as a secondary Texas hub. However, no recent M&A activity has been tracked, suggesting deal momentum has stalled despite media coverage highlighting the region's "record-breaking year" in construction activity.
The DCPI verdict of CAUTION warrants selective investor approach rather than aggressive expansion. The excess-power score of 65/100 indicates adequate but not abundant supply relative to current demand, meaning new capacity additions will compete directly with existing load for limited grid headroom. The constraint score of 53/100 reflects moderate transmission and distribution friction—neither a show-stopper nor a clear advantage. Investors should expect operational margins compressed by incremental grid fees and potential curtailment exposure during peak demand periods. Unlike markets rated AVOID (such as Sandston at 47/100 across both dimensions), San Antonio remains viable, but the upside is capped by power infrastructure that will require careful timing and utility coordination for projects exceeding 50 MW.
Deal flow stagnation contradicts the construction narrative. Zero tracked M&A despite CyrusOne's public campus expansion and industry commentary about record growth suggests either that deals are occurring outside tracked channels, or that capital is flowing to greenfield projects rather than acquisition targets. The three-way tie among Unknown, an unnamed operator, and CyrusOne at facilities each indicates fragmentation—no single operator besides Microsoft commands true market dominance, creating potential consolidation targets. However, the absence of active deal tracking in recent quarters may reflect caution tied to the constraint score; buyers and sellers may be pricing in the cost of future power upgrades, dampening transaction velocity. The regional context matters: Texas-wide momentum (Mara's announced 2GW campus acquisition, broader Aligned/Schmidt ecosystem activity) sustains long-term confidence, but San Antonio specifically has not captured ancillary M&A.
San Antonio remains a viable hold-and-operate market rather than a high-velocity acquisition hunting ground, particularly as CyrusOne's 2027 completion timeline approaches and power availability tightens further.
San Antonio: 1,797 MW — live, cited, and queryable by API or MCP.
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JSON: /api/v1/markets/san-antonio/deep-dive · DCPI: /dcpi · Operators: /operators · Updated nightly
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