Skanska has secured a contract to build a data centre in the US state of Virginia for $242m (SEK 2.5bn).

The project involves the construction of a 250,000 square foot data centre, including site work, underground utilities, administration space, and three data halls.

Work started in March 2024 and is expected to be completed by December 2025.

A report last month by property company CBRE found that European data centre demand surpassed available supply in 2023 across the five major European markets.

The escalating rental rates of leased data centre capacity over the last two years have been attributed to higher build costs, compounded by the existing supply-demand imbalance.

Data centres are crucial for the technology industry, serving as networked computer server hubs supporting various applications and data processing needs.

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The data centre industry includes enterprise and on-premise centres, as well as multi-tenant or co-location centres.

Leaders in the multi-tenant data centre services sector are Equinix, Digital Realty, China Telecom, NTT, China Unicom, and China Mobile.

The increasing demand for data centres raises concerns about their environmental impact and sustainability.

Sam Altman, CEO of OpenAI, has highlighted the need for a major energy breakthrough to sustain AI progress, as data centres already consume substantial power.

GlobalData’s research emphasises the foundational role of data management in AI technology and the importance of addressing sustainability concerns.