The 81.5% prelease rate is the number that should concern mid-market buyers. Hyperscalers are committing to supply before construction starts. When 81% of a building is already spoken for before ground breaks, the remaining 19% gets priced to reflect scarcity.

The 1-10 MW segment is in a genuinely difficult position. Too small to compete for primary market allocations, too large for normal colocation pricing, and the usual fallback of secondary markets has its own capacity crunch now. Secondary market lead times are running 18-24 months.

The practical result is that companies needing 2-5 MW in the next 12 months have limited options. They're either committing to 10 year deals on space that doesn't exist yet, or they're looking at purpose built alternatives.