There is no single cost for a data centre. Figures differ by country, by design and above all by what they include: just the building, the building with its power and cooling, or everything including land and computers. Comparing like with like is the first step. On the most common basis, the facility without land or computers, recent benchmarks put a large data centre in the range of roughly US$10 to US$18 per watt of IT capacity in many markets, with AI-ready designs at the top of the range.
What the benchmarks measure
| Benchmark | What it includes | Figure reported |
|---|---|---|
| Turner & Townsend, 2026 | Shell and core, fit-out, mechanical and electrical; excludes land, utility works and IT equipment | US average US$12.08 per watt; most advanced US AI facilities US$14.00 to US$16.00 per watt |
| JLL, January 2026 | Shell and core only | US$10.7 million per MW in 2025, expected US$11.3 million per MW in 2026 |
| Cushman & Wakefield, 2026 | Greenfield development of the most modern facilities | Average US$17.6 million per MW |
One megawatt is one million watts, so US$12 per watt is about US$12 million per MW. The figures are reported in US dollars by their publishers.
Differences between markets
Turner & Townsend's 2026 index ranks Tokyo as the most expensive market it covers, at US$18.28 per watt, and lists Lagos, Cape Town and Nairobi between US$10.03 and US$10.87 per watt. Labour, materials, standards and supply chains all play a part.
Why AI facilities cost more
Turner & Townsend reports that AI-ready sites in the US carry around a 10% cost premium compared with traditional facilities, and that liquid-cooled facilities carry a 7 to 10% premium over air-cooled benchmarks, concentrated in the mechanical package. Some AI-ready facilities operate at 140 kW per rack, against a 2026 US average of 27 kW. JLL adds that the tenant's technical fit-out can cost as much as US$25 million per MW for AI infrastructure, on top of the building.
Costs are rising
Turner & Townsend reports that cost per watt in North America and Europe increased by 13% year on year, double the global average rate of 6%. JLL reports shell and core costs rising from US$7.7 million to US$10.7 million per MW between 2020 and 2025.
What is not certain
- Benchmarks are consultancy estimates for typical designs; individual projects vary widely.
- Indian markets do not appear in the text of the pages used here, so no Indian figure is given.
- Currency movements change how a US dollar figure compares with local costs.
Sources and method
- Turner & Townsend, Data Centre Construction Cost Index 2026, cost trends. https://reports.turnerandtownsend.com/data-centre-construction-cost-index-2026/cost-trends
- Turner & Townsend, Data Centre Construction Cost Index 2026, United States edition, methodology. https://reports.turnerandtownsend.com/data-centre-construction-cost-index-2026-us/methodology
- Turner & Townsend, Data Centre Construction Cost Index 2026, United States edition, AI data centers. https://reports.turnerandtownsend.com/data-centre-construction-cost-index-2026-us/ai-data-centers
- JLL, Global Data Center Outlook, 5 January 2026. https://www.jll.com/en-us/insights/market-outlook/data-center-outlook
- Cushman & Wakefield, 2026 Data Center Development Cost Guide (United States). https://www.cushmanwakefield.com/en/united-states/insights/data-center-development-cost-guide
Method: each link was opened on 29 October 2026 and every figure was taken from the page or filing cited beside it, in the currency stated there; shares marked as calculated are simple arithmetic on the cited figures. Company and consultancy figures describe their own data and models; they are not recommendations.
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This article provides general information, not investment advice or an offer of securities.