Power and site readiness
Assess site selection, utility access, and the gap between nominal capacity and power that can be delivered.
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GII Research Note No. 2 · Version 1.0
Power-Constrained Silicon Valley: Data Center Real Estate Underwriting 101
A practical framework for evaluating how power availability, development capital, lease obligations, tenant credit, and exit assumptions shape data center real estate value.
Research Focus
Underwrite the complete path from power to property value.
An investment-oriented study of a hypothetical 10 MW Silicon Valley data center, following site selection, utility readiness, development costs, construction financing, leasing, tenant credit, cash flow, and terminal value.
Investment thesis: Scarce power creates opportunity, but real estate value depends on deliverable capacity, enforceable payment obligations, tenant credit, and capital discipline.
Development and financing
Follow development costs and construction financing for a hypothetical 10 MW data center.
Lease economics and returns
Connect lease cash flows, tenant credit, investment returns, and terminal value in one framework.
Publication Files
Read the note and use the companion model.
The release includes the 72-page research white paper, 37-page model booklet, and companion Excel financial model.
Research Report PDF
Research Note No. 2, Version 1.0
Download Research Report PDFModel Booklet PDF
A 37-page companion model walkthrough
Download Model Booklet PDFExcel Workbook
The companion 10 MW financial model
Download Excel WorkbookFiles are hosted in the official GII Research Note No. 2 release archive.
Scope and Use
Educational research, with assumptions made visible.
This study uses a hypothetical 10 MW Silicon Valley data center. It does not represent a specific property, tenant, financing commitment, or offer to transact.
Independent educational research. Not investment advice or a recommendation to transact. Review the report’s assumptions, limitations, and disclosures before relying on its analysis.
Research Series