Data Centers Unlocked

The insider’s guide to the infrastructure powering AI and cloud computing Data centers are among the fastest-growing infrastructure investments globally, yet unlike traditional real estate, their value is measured in kilowatts, megawatts, and gigawatts rather than square feet or square meters, and they can cost ten to twenty times, or more, to build than conventional buildings. Data Centers Unlocked: An Insider’s Guide to Understanding and Investing in Digital Infrastructure explains this complex industry in clear, accessible language, connecting the technical complexity of these facilities with the financial and operational considerations that shape their development and performance. Written by Jim Footh, a Managing Director at PGIM, the global asset management business of Prudential Financial, who spent eight years at AWS leading data center development across six continents, Data Centers Unlocked explains how these facilities are designed, built, powered, financed, and operated. The book covers power systems, cooling infrastructure, rental economics, and investment risks and returns while examining demand drivers including cloud computing adoption and AI workloads, and risks such as power grid constraints, technology obsolescence, and tenant demand cycles. Written for anyone seeking to better understand the infrastructure behind AI, cloud computing, and the digital economy, this book provides a practitioner-driven guide to one of the fastest-growing and least understood sectors of modern infrastructure. Investors, asset managers, financial analysts, industry professionals, and career seekers alike will gain the knowledge and context needed to navigate the data center industry with clarity and confidence. A practical guide to understanding data centers, their operations, economics and risks Data Centers Unlocked: An Insider's Guide to Understanding and Investing in Digital Infrastructure provides a thorough examination of data centers as a critical and increasingly important part of the digital economy. Drawing on eight years at AWS leading global data center development and his current role at the global investment management firm PGIM, Jim Footh brings a practitioner's perspective to the technical, financial, and operational dimensions of data centers, equipping readers with the knowledge needed to understand how the industry works, evaluate opportunities and assess risks in this rapidly evolving sector. Data Centers Unlocked covers the fundamental infrastructure and technology that underpin modern data center operations, along with the financial models and valuation methods relevant to this specialized real estate segment. Readers gain insight into power and cooling systems, site selection criteria, tenant considerations, market demand drivers, and the specific risk factors that distinguish data centers from traditional commercial property investments. Readers will also find: Detailed analysis of data center infrastructure components and how they influence asset valuation and long-term investment returns Guidance on evaluating power, cooling, and connectivity requirements that drive operational costs and tenant attractiveness for data center facilities Coverage of market demand drivers including cloud computing, artificial intelligence, and enterprise digital transformation reshaping the sector Frameworks for assessing investment risk factors unique to data centers, from technology obsolescence to regulatory and environmental considerations Insight into site selection, lease structures, and tenant credit analysis that inform sound data center acquisition and development decisions Insight into the factors that determine how data centers affect residential electricity rates Ideal for anyone seeking to better understand the infrastructure behind AI, cloud computing, and the digital economy this book provides a clear, practitioner-driven introduction to one of the fastest-growing and least understood sectors of modern infrastructure. Investors, asset managers, financial analysts, industry professionals, and career seekers will also find the technical and financial grounding needed to understand opportunities, risks, and long-term trends in the data center sector.