Infrastructure, Tech, Real Estate, Cap Goods, Utilities, Construction & Telco: European Data Centers: Growth lags the US, but long-term outlook still strong

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Infrastructure, Tech, Real Estate, Cap Goods, Utilities, Construction & Telco: European Data Centers: Growth lags the US, but long-term outlook still strong

Europe Insight

June 15, 2026 04:30 AM GMT

Morgan Stanley & Co. International plc+MInfrastructure, Tech, Real Estate, Cap Goods, Emmet B Kelly

Utilities, Construction & Telco Equity Analyst

Emmet.Kelly@morganstanley.com +44 20 7425-6830

Lindsey C Zastawny

Equity AnalystEuropean Data Centers: Growth Lindsey.Zastawny@morganstanley.com +44 20 7425-1237

George W Webb

Equity Analystlags the US, but long-term George.Webb@morganstanley.com +44 20 7425-2686

Shawn Kim

Equity Analystoutlook still strong Shawn.Kim@morganstanley.com +44 20 7677-1018

Morgan Stanley & Co. LLC

We lift our European data center capacity forecasts. We also Stephen C Byrd

complete a deep dive of the data center industry in the UK Equity Analyst

Stephen.Byrd@morganstanley.com +1 212 761-3865

(notably beyond London), France (Paris, North of France),

Morgan Stanley & Co. International plc+

Ireland (moratorium now finished) and Spain (almost-certainly Max R Yates

the next FLAPD market). Equity Analyst

Max.Yates@morganstanley.com +44 20 7425-1917

Key Takeaways Morgan Stanley Europe S.E.+

Jens Eisenschmidt

We increase our long-term forecasts for European DC capacity by +15% to Chief Europe Economist

Jens.Eisenschmidt@morganstanley.com +49 69-21662817

>40GW, driven by secondary markets (Spain, North of France, UK ex-London) &

Hyperscalers Morgan Stanley & Co. International plc+

Vasundhara Goel

We expect the European DC market to grow +21% pa, until 2030. While this Strategist

growth is strong, it is slower than the US (+30%), albeit in-line with China Vasundhara.Goel@morganstanley.com +44 20 7677-0693

(+20%) Morgan Stanley & Co. LLC

Cameron McVeigh, CFA