JLL's Capital Markets group announced on January 15, 2025, that it arranged over $1.2 billion in construction financing throughout 2024 on behalf of The BlackChamber Group. This financing will facilitate the development of four hyperscale powered shell campuses in Northern Virginia, collectively totaling over 740 megawatts of capacity.
Northern Virginia is recognized as the largest data center market globally, with more than 4.6 gigawatts of power capacity as of the first half of 2024 and a vacancy rate of just 0.4%. The region saw over 1.3 gigawatts of absorption in 2024, indicating strong demand from Cloud, AI, and Enterprise tenants.
The financing included capital from diverse sources, including bank balance sheets and private credit vehicles funded with insurance company capital, demonstrating the growing appetite for data center investments. This underscores JLL's expertise in a critical and expanding segment of the commercial real estate industry.
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