Across the markets that matter, vacancy is functionally zero: Northern Virginia 0.3%, Atlanta 1%, Dallas 1.8%, Singapore 2%, Frankfurt 3.1%. Capacity is absorbed before it is finished — Dallas has 716.7 MW under construction already 88% preleased.
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.