By Razvan Toma · Founder & CEO, Ampervia · Last checked 2026-10-12 · Sources linked below
Operating data centers earn rent from tenants and are valued on that income; powered land earns nothing until it is sold or built on, and is valued on the megawatts it can deliver. Land carries grid and permit risk with a smaller ticket; operating assets carry tenant and technology risk with a much larger one. Sources (2)
JLLJLL — EMEA data centre report↗
ActivumSGActivumSG — €11m powered land sale to Pure DC↗
| Powered land / RTB site | Operating data center | |
|---|---|---|
| Income | None until sale or build | Rent from tenants |
| Main risks | Grid answer, permits, buyer demand | Tenant renewal, power cost, obsolescence |
| How it is priced | Per MW of secured capacity | On income (yield) |
| Ticket size | Smaller: land, studies, options | Large: full build and fit-out |
| Liquidity | Sale to operators or developers | Sale to funds and operators |
| Typical owners | Developers, land promoters, club deals | Operators, infrastructure funds, REITs |
Why the spread exists
Grid queues in core markets run for years, so a site with secured capacity is worth a premium per MW: JLL puts prime powered land at about €2.26 million per MW in 2026. The build itself adds far more cost per MW but also turns the asset into income.
Questions
Which is less risky?
Sources
Terms on this page: Powered land · Ready-to-build (RTB) · Colocation · Hyperscale