Access to energy is becoming the key factor redefining Europe’s data centre investment landscape, as traditional hubs face increasing constraints and emerging markets gain visibility among international operators.
According to Colliers’ latest EMEA Data Centre Markets Report | H1 2026, the ability to secure power capacity, develop suitable infrastructure and deliver projects efficiently is becoming increasingly important for investors, alongside existing demand fundamentals.
The report highlights that demand for data centres continues to accelerate, driven by the expansion of cloud computing, artificial intelligence adoption and growing requirements for digital sovereignty. However, the development of new capacity is increasingly dependent on electricity availability, grid infrastructure and the speed of planning and licensing processes.
The EMEA region currently has 12.5 GW of operational data centre capacity, but established markets such as Frankfurt, London, Amsterdam, Paris and Dublin are facing growing challenges linked to power constraints, land availability and regulatory limitations.
“Energy has become the main decision-making factor for data centre investment. Investors are now prioritising markets where there is effective capacity to develop projects, rather than simply locations where demand exists”, said Gonzalo Martín, Head of Data Centres Capital Markets EMEA at Colliers.
Portugal gains visibility among emerging European markets
Portugal is among the emerging markets identified by Colliers as having strong potential to attract future data centre investment, supported by a combination of renewable energy availability, strategic connectivity and geographic positioning.
The country benefits from its location between Europe, Africa and the Americas, an extensive network of submarine cables and favourable conditions for large-scale developments.
Lisbon currently has 58 MW of operational data centre capacity, with a further 408 MW in the development pipeline and 821 MW of projects at an early planning stage, reflecting increasing interest from international operators.
The report also highlights the development of the Lisbon-Sines corridor as a potential gateway for Europe’s digital infrastructure ecosystem. Supported by international investment and energy efficiency initiatives, the corridor is strengthening Portugal’s role in the expansion of digital infrastructure capacity.
Execution will determine future investment flows
Despite a significant pipeline of announced projects across Europe, Colliers noted that the ability to deliver capacity will be a critical differentiator in the coming years.
The EMEA region currently has around 78 GW of early-stage data centre projects announced, but a significant proportion will depend on securing energy supply, expanding electricity networks and obtaining the necessary regulatory approvals.
“The gap between announced projects and those that will ultimately reach the market continues to widen. The markets that can align energy availability, regulatory frameworks and speed of execution will capture the largest share of investment over the coming years”, said Lottie Tollman, Head of Data Centres Advisory EMEA at Colliers.
As energy constraints reshape the European data centre landscape, markets capable of combining power availability, connectivity and development capacity are expected to become increasingly attractive to investors seeking new opportunities.
