The divergence between data center REIT performance and data center asset values over the last year appears to reflect the high level of uncertainty in the sector. Questions over power constraints, memory chip processing efficiency and technological obsolescence are likely to have weighed on REIT prices, but these are not purely risks for REITs. In fact, the 22% fall in data center REIT prices between late 2024 and the end of 2025 point to concerns that equally apply in the direct market.
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