Phoenix

Phoenix has emerged as a Sunbelt alternative to Northern Virginia's contested data-centre market. Prime Data Centers broke ground on three of five buildings at a 240 MW campus in Phoenix on 22 May 2026, with three buildings pre-leased to an undisclosed hyperscaler before construction began. The pre-leasing model — securing anchor demand before breaking ground — is increasingly the norm in a regulatory environment where moratorium risk has made speculative development harder to finance. Arizona's relatively streamlined permitting and the city's improving power infrastructure have positioned Phoenix as a credible receiving market for investment displaced from Northern Virginia.