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3 REITs to Watch as AI Data Center Spending Surpasses Office ConstructionSubmitted by Jessica Mitacek. Originally Published: 5/7/2026. 
Key Points
- For the first time ever, spending on data center construction ($45 billion) has surpassed spending on office buildings ($44 billion), driven by the massive infrastructure demands of artificial intelligence.
- The global data center market is expected to more than double in value by 2033, growing from $384 billion to over $902 billion at a compound annual growth rate of 11.3%.
- Investors can gain exposure to this trend through three major Real Estate Investment Trusts—Iron Mountain, Digital Realty, and Equinix—which offer a combination of significant year-to-date stock gains and consistent dividend yields.
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While the performance of pure-play AI stocks and record Magnificent Seven capital expenditure allocations have highlighted this megatrend, one striking statistic shows just how powerful AI-driven growth has become. The surge in AI-related data center construction has pushed spending past total office building construction. For income investors seeking both yield and AI exposure, that trend creates a unique opportunity—one that each of the following three real estate investment trusts (REITs) provides. Data Center Spending Surges as Office Construction LagsAlongside demand for AI and cloud computing, data center construction reached a record annualized rate of $45 billion in December 2025. For the first time ever, that figure exceeded private office construction, which fell to $44 billion. Although that milestone took years to materialize, demand for data centers is unlikely to slow. Industry consultancy Grand View Research forecasts the global data center market—estimated at $383.82 billion in 2025—to reach $902.19 billion by 2033, implying a compound annual growth rate (CAGR) of 11.3% from 2026 to 2033. The North America data center segment alone, which accounts for more than 38% of the global total addressable market, is projected to grow at a CAGR of 10.5% during the forecast period. By comparison, the office building construction market is expected to grow at a CAGR of 8.5% through 2033, suggesting that this gap may continue to widen. A Mountain of Potential From a Legacy Data ManagerFounded in 1951, Iron Mountain (NYSE: IRM) converted to a REIT in 2014. As it expanded from a legacy records management company into a colocation data center operator, the 75-year-old firm amassed 240,000 customers across 61 countries, including 95% of Fortune 1000 members. The REIT continues to help organizations unlock value through services that include information management, digital transformation, information security, and data center and asset lifecycle management. While REITs are known for generating income, Iron Mountain is a strong example of how a data center REIT can offer both dividends and growth. Over the past month, shares have gained nearly 28%, contributing to a year-to-date (YTD) gain of more than 60%. Meanwhile, the trust’s dividend currently yields 2.67%, or $3.46 per share annually, with an annualized five-year growth rate of 5.45%. Big Tech’s Big Data Center PartnerDigital Realty Trust (NYSE: DLR) is a REIT that owns, acquires, and operates carrier-neutral data centers and provides colocation and interconnection services. Its focus is on large-scale, mission-critical facilities that support the physical infrastructure needs of cloud providers, enterprises, network operators, and content companies. That focus has led to partnerships with major tech companies, including NVIDIA, Oracle (NYSE: ORCL), Dell Technologies (NYSE: DELL), and Advanced Micro Devices (NASDAQ: AMD), as Digital Realty has become synonymous with wholesale data center space, turnkey facilities, and retail colocation suites. The REIT hosts NVIDIA’s AI Factory Research Center in Northern Virginia and has partnered with Advanced Micro Devices on the Digital Realty Data Center Innovation Lab—an AI sandbox, or “hands-on facility where partners, enterprises, and customers can test and prove AI deployments in a real colocation environment,” according to the company. Shares of DLR have posted a YTD gain of more than 29%, and its dividend currently yields 2.5%, or $4.88 per share annually. The World’s Largest Data Center REITWith a market cap of nearly $108 billion, Equinix (NASDAQ: EQIX) is the world’s largest data center REIT. After converting to a trust on Jan. 1, 2015, it has provided digital infrastructure and interconnection services while specializing in carrier-neutral data centers and colocation. Like Digital Realty, Equinix operates a platform that enables enterprises, cloud and network service providers, and content companies to colocate IT infrastructure, interconnect directly with partners and providers, and access cloud on-ramps and network services in a secure, low-latency environment. Today, the REIT boasts more than 280 data center locations on six continents. Its operations serve customers ranging from large multinational enterprises to cloud providers and telecommunications operators. Equinix emphasizes interconnection density and ecosystem partnerships as differentiators in enabling digital transformation and low-latency connectivity. Shares of EQIX are up more than 43% this year, and the REIT’s dividend currently yields 1.92%, or $20.64 per share annually. That yield may be lower than the other two REITs on this list, but Equinix has increased its distribution for 10 consecutive years, while its annualized five-year growth rate of 12.01% exceeds both Iron Mountain and Digital Realty. |
