A useful global benchmark is about $10,700 per kW for data-center shell-and-core construction in 2025. JLL forecasts about $11,300 per kW for 2026. Neither figure is an all-in price for usable IT capacity: the estimates exclude land and active IT equipment, and tenant technology fit-out is separate.
What the per-kW benchmark includes
JLL Research’s 2026 Global Data Center Outlook reports a 2025 global average of $10.7 million per MW and forecasts $11.3 million per MW for 2026. Since 1 MW equals 1,000 kW, dividing each figure by 1,000 gives $10,700 and $11,300 per kW, respectively.
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These are construction benchmarks, not project quotes. JLL says its figures include the cost to construct the shell and core and exclude land acquisition and active IT equipment. Its city comparisons use a single-tenant, 50 MW, air-cooled data-center baseline. The reported denominator is data-center capacity; it should not be treated as a more precisely defined measure of planned IT load than the source provides.
Construction and project investment are different totals
Before using a per-kW figure in a budget, define what is in the numerator. A full project estimate may need to account separately for land, shell and core, mechanical and electrical systems, tenant fit-out, active IT equipment, contingency and financing. The JLL global benchmark is not an estimate of all those costs combined.
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For AI infrastructure, JLL says tenant technology fit-out can cost as much as $25 million per MW, equivalent to up to $25,000 per kW. That is an upper-end figure, not a typical add-on for every data center, and it is separate from the shell-and-core construction benchmark.
How location and design affect construction cost
JLL’s 2026 market examples, converted from dollars per MW to dollars per kW, show substantial variation:
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| Market | Shell-and-core estimate per kW | Basis |
|---|---|---|
| Tokyo | $14,000–$18,000 | JLL 2026 market example; 50 MW, single-tenant, air-cooled baseline |
| Chicago | $12,000–$14,000 | JLL 2026 market example; 50 MW, single-tenant, air-cooled baseline |
| London | $12,000–$14,000 | JLL 2026 market example; 50 MW, single-tenant, air-cooled baseline |
| Mumbai | $6,000–$7,000 | JLL 2026 market example; 50 MW, single-tenant, air-cooled baseline |
These are city-specific estimates, not prices that can be applied to an entire country or region. JLL also states that liquid-cooled facilities carry a 10% cost premium and that multistory facilities in the Americas add 20% to construction costs. Treat those adjustments as JLL’s assumptions, not universal rules for every design or market.
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Benchmarks can cover different work, so a larger or smaller per-kW number does not necessarily mean a project is more or less expensive on a like-for-like basis. Turner & Townsend’s 2025 methodology groups shell and core, architectural fit-out and finishes, mechanical and electrical fit-out, contractor preliminaries, contractor margin, contractor contingency, and mechanical and electrical equipment.
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That methodology draws on more than 300 live or recent projects in more than 20 countries, converts costs to US dollars using the average exchange rate from 1 October 2024 to 1 October 2025, and supplements the data with a poll of more than 280 industry experts. Because this scope differs from JLL’s shell-and-core-only benchmark, compare their figures only after reconciling included work, currency basis, location and facility assumptions. Turner & Townsend’s reported 9% global average year-on-year increase in its 2024 index is historical context, not a forecast or a 2026 escalation rate (2024 index coverage).
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Do not confuse construction cost with colocation rent
Colocation is a recurring service charge, not the capital cost of constructing a facility. CBRE reported an average asking price of $174.06 per kW per month in H1 2024 across primary North American wholesale colocation markets for a 250–500 kW requirement. That dated, market-specific asking price (CBRE Research) cannot be substituted for a one-time construction cost per kW.
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How to use the figure in a budget
- Choose the cost boundary. Decide whether the estimate is shell and core only or also includes mechanical and electrical fit-out, land, tenant fit-out, IT equipment, contingency and financing.
- Match the capacity basis. State whether the denominator is planned IT load or another capacity measure; do not imply the JLL benchmark specifies a more exact denominator than it does.
- Use a relevant location and design. A global average is an anchor, not a local quote. Compare the same city or market, facility size, cooling approach and building configuration.
- Label the year and status. Keep the 2025 reported average distinct from JLL’s 2026 forecast, and do not blend either with historical construction indexes or monthly colocation charges.
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
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