Across the markets that matter, vacancy is functionally zero: Northern Virginia 0.2%, Hillsboro 0.21%, Atlanta 1%, Singapore 2%, Chicago 2.2%, Frankfurt 3.1%. Capacity is absorbed before it is finished — across North America's primary markets, supply grew 33.7% in the year to H1 2026 and vacancy still fell to a record 1.4%, with 80.4% of everything under construction already preleased. Dallas-Ft Worth's 765 MW is 95% spoken for.
Hong Kong sits at 18%, down from 28% a year earlier but still an order of magnitude looser than its neighbours. Bogotá, at 18.7%, is the only comparable market in the atlas.
Empty space in a market this starved is information. It says the binding constraint on AI infrastructure is not floor area, and not even capital — it is power, land with grid access, and jurisdiction. Hong Kong has buildings. What it does not have is the demand routing that follows political and regulatory geography.