As demand for computing power surges—fueled in part by AI and cloud infrastructure—data centers have emerged as a critical growth engine for the commercial real estate industry. This sector is now playing an outsized role in the business models of the world’s largest CRE brokerages, including CBRE, JLL, Newmark, Colliers, and Cushman & Wakefield. With traditional sectors like office leasing and capital markets under pressure, data centers are increasingly central to profitability, investment strategies, and long-term growth.
Brokerages are capitalizing on data center activity in multiple ways: through capital markets transactions, facility management, consulting, and development partnerships. For example, CBRE’s data center earnings jumped from 3% to 10% of its total profits between 2021 and 2024, with $9 billion in North American transactions last year alone. Its subsidiaries Trammell Crow and Turner & Townsend are deeply involved in entitlements, power procurement, and construction. The June 2024 acquisition of Direct Line Global further extended CBRE’s capabilities to appeal to hyperscale clients.
Similarly, JLL has ramped up its presence through acquisitions like Skae and global management contracts, while Colliers and Newmark are using data center-related investments and loans to boost their capital markets business. Newmark highlighted a $7.1 billion construction loan and a 40% increase in capital markets revenue, much of it tied to data center activity. JLL’s Real Estate Management Services division, with a portfolio that is 10% data center properties, saw an 11% Q2 profit increase.
Though REITs like Digital Realty and Equinix still dominate in terms of asset ownership, major brokerages are making up ground by focusing on services and recurring income streams. Facility and project management, in particular, are seen as high-margin and scalable areas for long-term expansion. New power and grid services divisions across firms are also helping hyperscale clients access energy faster—a key requirement as demand for AI infrastructure grows.
With $1 trillion in new data center development forecasted through 2030, brokerages are racing to solidify their market share. Experts believe firms like CBRE will double down on recurring revenue streams, Newmark will lean further into deals and capital markets, and JLL will continue pursuing a blended strategy. As consolidation continues across the sector, data centers are not just a niche play—they’re becoming a foundational element of modern commercial real estate strategy.
