The Iberian data centre market has 4.5 GW of capacity with real potential for development in the medium term, compared with the 10.5 GW announced in Spain and Portugal, according to CBRE’s Iberian Data Centre Market report. The difference reflects the varying degrees of maturity of the projects, as a significant proportion of the reported volume is still in the early stages or lacks sufficient financial, technical and administrative clarity.
The consultancy currently estimates 1.4 GW across operational facilities and developments under construction, to which a further 3.1 GW backed by institutional capital and meeting the necessary conditions to proceed can be added. Since 2019, market capacity has increased more than fourfold, driven by the growth of cloud services, artificial intelligence and investor interest in assets linked to digital infrastructure.
Madrid remains the leading market on the Iberian Peninsula, with 224 MW in operation and 228 MW under construction, while its potential capacity stands at 1.3 GW. Expansion is mainly concentrated along the A-1 and A-2 motorway corridors, where the availability of land, connectivity and access to the electricity grid is determining the location of new projects.
Barcelona retains second place, although a shortage of urban land is limiting its growth. The city has 59 MW in operation and a further 48 MW under construction, which are expected to come online before 2028, while identified long-term development totals 281 MW.
Growth is, however, beginning to shift towards markets with greater energy availability. Aragón has emerged as one of the leading emerging hubs due to the arrival of hyperscalers and projects linked to artificial intelligence, with 91 MW installed in Zaragoza and around 2.5 GW announced for future phases.
In Portugal, Lisbon has 15 MW in operation and 11 MW under construction, in addition to more than 300 MW planned, while Sines is home to one of the largest developments in southern Europe. Start Campus is planning up to 1.2 GW there and already has facilities in operation and under construction.
Bilbao, Valencia and Cantabria are also beginning to attract developments linked to connectivity and international traffic, although the scale of these remains below that of the main Iberian markets.
Demand is growing, driven by major digital service providers and ‘neoclouds’ – operators specialising in computing capacity for artificial intelligence. The latter are reported to have contracted between 350 and 500 MW in the Iberian Peninsula over the last twelve months, according to the consultancy’s estimates.
“The Iberian market has moved from a phase of announcements to a phase of implementation”, said Elliot Zounon, senior director of Data Centre Solutions at CBRE, who believes that the main challenge will be to guarantee the electricity supply and provide certainty to transform the announced volume into operational capacity.
Interest in this type of asset extends to developers, investors, construction firms, operators and technology companies. Data centres are now the second-most attractive property segment among European investors, second only to residential property, according to CBRE’s European Investor Intentions Survey 2026.
Energy availability will be the main factor determining growth. Although Spain and Portugal are in a favourable position due to the high proportion of renewables and the possibility of securing long-term supply contracts, grid capacity and regulatory developments will determine which projects go ahead and which remain in the pipeline.
