As attendees of the Fall PREA Conference recently gathered to hear Andrew Ross Sorkin speak — and received copies of his book 1929: Inside the Greatest Crash in Wall Street History — the timing could not have been more prescient. Sorkin’s reflections on the speculative mania, regulatory gaps and economic fragility that preceded the Great Crash of 1929 offer more than historical insight — they serve as a mirror to the present moment.

Data centres remain relatively new for many institutional investors, with most portfolios still underweight in the sector. The growing spotlight on the sector, however, is clearly justified. The segment has delivered strong performance in both public and private markets, driven by stable, long-term cashflows and robust growth from cloud adoption, AI and broader digital trends. The long-term growth prospect remains strong, but the sector also faces new considerations.

Today, the “Five Ds” no longer function as isolated growth indicators but as interacting macro regimes that balance opportunity with constraint. Each force shapes real asset strategy, identifies secular opportunities and delineates the limitations investors must navigate.