Data center capacity increased by more leasing in the third quarter of 2025 than all of 2024, led by leases by major tech firms such as Oracle, according to a report by TD Cowen.
The third quarter saw 7.4 gigawatts of data center leasing, bringing the year’s total to 11.3 gigawatts. In 2024, data center leasing totaled 7 gigawatts, and 2023 leasing reached 5 gigawatts.
This prominent increase in hyperscale leasing reflects the uptick in data center demand in recent months, which shows no signs of slowing. Oracle held the largest portion of leasing demand for the quarter and secured deals for locations in Texas, New Mexico, Wisconsin, Missouri and others. Google was the second most active leaser of data center capacity, followed by Meta and Amazon.
