Data centers were the clear outlier in commercial real estate in 2025: massive capacity additions and record-low vacancy coexisted, powered by explosive AI and cloud demand. Even a record construction pipeline failed to loosen conditions, as most new supply was pre-leased. Rents jumped, particularly for high-density, power-hungry deployments. Power availability, not land, became the true constraint, reshaping site selection and pricing. Regulators responded with new zoning rules, environmental conditions, and incentive debates, but none of it slowed capital. The sector exits 2025 with effectively full occupancy, rising pricing power, and a development race that is limited mainly by grid capacity.