「英中对照」JLL：建设成本年涨幅3%至6%成新基线，数据中心开发商利润承压

JLL says annual construction cost escalation of 3% to 6% is now the baseline, up from 2% to 3% before 2020.Getty ImagesJLL 表示，年度建筑成本涨幅 3% 至 6% 已成为基准水平，高于 2020 年之前的 2% 至 3%。Getty Images

Data center developers may be able to pass higher construction costs on to tenants, but only when projects have power access, committed customers, and a credible path to delivery, according to JLL.JLL 表示，数据中心开发商或许能够将更高的建筑成本转嫁给租户，但前提是项目具备电力接入、已承诺的客户以及可信的交付路径。

In its Global Construction Costs Index 2026, the real estate services firm said annual construction cost escalation of 3% to 6% has become the new baseline, up from the 2% to 3% range common before 2020. JLL also forecasts another 3.1% to 4.2% increase in global tender prices in 2027, including 3.2% to 4.2% in North America. Those forecasts apply to construction broadly rather than the data center sector alone.这家房地产服务公司在《2026 年全球建筑成本指数》中表示，年度建筑成本涨幅 3% 至 6% 已成为新的基准，高于 2020 年之前常见的 2% 至 3% 区间。JLL 还预测，2027 年全球招标价格将再上涨 3.1% 至 4.2%，其中北美地区为 3.2% 至 4.2%。这些预测适用于整个建筑行业，而不仅仅是数据中心领域。

The JLL report notes that rising rents and asset values have helped data center projects absorb some of that inflation. However, Matthew Giddings, executive director of technical services with JLL’s Data Centers and Critical Environments team, said stronger market fundamentals do not automatically protect individual projects.JLL 的报告指出，租金和资产价值的上涨帮助数据中心项目消化了部分通胀压力。然而，JLL 数据中心与关键环境团队技术服务执行董事 Matthew Giddings 表示，更强劲的市场基本面并不会自动保护 单个项目。

Related:Vertical Data Centers Face Cost-Proximity Trade-Offs相关阅读：垂直数据中心面临成本与邻近性的权衡

“The economics break down when costs outpace contracted revenue or power delays postpone income while financing costs continue to accumulate,” Giddings told Data Center Knowledge. “Higher asset values alone cannot close that gap.”“当成本超过合同收入，或电力延迟导致收入推迟、而融资成本仍在持续累积时，项目的经济账就会失衡，”Giddings 告诉 Data Center Knowledge。“仅靠更高的资产价值无法弥补这一缺口。”

That risk is most acute for speculative campuses without anchor tenants, projects with uncertain power delivery, and developments tied to fixed-rent agreements that leave little room to absorb construction escalation. Older facilities being repositioned for AI workloads may also face difficult economics if upgrades become too extensive.对于没有主力租户的投机性园区、电力交付不确定的项目，以及受固定租金协议约束、几乎没有空间消化建筑成本上涨的开发项目而言，这种风险最为严峻。正在为 AI 工作负载重新定位的老旧设施，如果升级改造规模过大，也可能面临艰难的经济困境。

“Strong demand supports the market, but it does not make every project viable,” Giddings said.“强劲的需求支撑着市场，但并不能让每个项目都可行，”Giddings 表示。

Developers should reassess projects when rising capital costs erode expected returns, utility schedules slip beyond committed occupancy dates, or tenant demand no longer supports planned capacity, he said. Reduced power availability and delays in anchor-tenant commitments are also signs that a project may need to be reworked.他表示，当不断上涨的资本成本侵蚀预期回报、公用事业进度落后于承诺的入驻日期，或租户需求不再足以支撑规划容量时，开发商应重新评估项目。电力供应减少以及主力租户承诺延迟，也是项目可能需要重新调整的信号。

One way to manage that risk is through phased construction. By aligning spending with confirmed electricity supply and customer demand, developers can limit the amount of capital they commit before fundamentals are in place.管理这种风险的方法之一是分阶段建设。通过使支出与已确认的电力供应和客户需求保持一致，开发商可以在基本面落实之前限制投入的资本规模。

Skilled Trades Constrain Delivery技术工种短缺制约交付

Labor constraints are adding to the pressure. Giddings said the electrical and mechanical trades are creating the greatest cost and schedule challenges, particularly electricians, high-voltage specialists, pipefitters, and advanced cooling technicians.劳动力短缺进一步加剧了压力。Giddings 表示，电气和机械工种带来了最大的成本和工期挑战，尤其是电工、高压技术人员、管道工和高级冷却技术人员。

“Controls, commissioning, and startup teams have also become critical bottlenecks, as their availability often determines when a completed facility can be placed into service,” he noted.他指出：“控制、调试和启动团队也已成为关键瓶颈，因为他们的可用性往往决定了已完工设施何时能够投入使用。”

Related:How to Secure Data Centers During the Construction Phase相关阅读：如何在施工阶段保障数据中心安全

Competition for utility and substation construction crews is also intensifying, adding risks that extend beyond the data center site itself. To reduce exposure, Giddings recommended that developers bring in trade partners early and test project schedules against real workforce availability rather than assumed labor capacity.对公用事业和变电站施工队伍的争夺也在不断加剧，带来的风险已超出数据中心场地本身。为降低风险敞口，Giddings 建议开发商尽早引入行业合作伙伴，并根据实际劳动力可用情况（而非假设的劳动力产能）来检验项目进度。

He also pointed to standardized designs, off-site prefabrication, and phased construction as ways to reduce peak labor requirements. In remote markets, developers may need to offer housing, transportation, and travel incentives to attract workers. In the longer term, investment in trade schools, apprenticeships, and union training facilities could help support future construction phases while expanding local employment opportunities, he said.他还指出，标准化设计、场外预制和分阶段施工是降低劳动力峰值需求的方法。在偏远市场，开发商可能需要提供住房、交通和差旅补贴来吸引工人。他表示，从长远来看，对技工学校、学徒制和工会培训设施的投资，既有助于支持未来的施工阶段，也能扩大当地就业机会。

Buy Early Without Freezing the Design尽早采购，但不冻结设计

Procurement strategy is becoming just as important. Long lead times for critical equipment have pushed many developers to place orders earlier, but doing so can create problems if tenant requirements shift, particularly as AI infrastructure continues to evolve.采购策略也正变得同等重要。关键设备交货周期漫长，促使许多开发商提前下单，但如果租户需求发生变化——尤其是在 AI 基础设施持续演进的背景下——这样做可能会带来问题。

“The key is to secure manufacturing capacity early without freezing every design decision,” Giddings said.“关键在于尽早锁定制造产能，同时不冻结每一项设计决策，”Giddings 说。

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He said developers should reserve production slots for transformers, switchgear, generators, and cooling equipment while negotiating flexibility to modify specifications before fabrication begins. Orders should advance in line with validated tenant requirements and clear decision deadlines.他表示，开发商应为变压器、开关设备、发电机和制冷设备预留生产档期，同时协商在制造开始前修改规格的灵活性。订单应根据经过验证的租户需求和明确的决策截止时间推进。

That approach is especially important as operators try to account for shifting rack densities and growing interest in liquid cooling. Modular power and cooling systems, built-in expansion capacity, and design provisions for liquid cooling can help facilities adapt without undermining the overall project.这一方法尤为重要，因为运营商需要应对不断变化的机架密度以及对液冷日益增长的兴趣。模块化的电力和制冷系统、内置的扩容能力以及针对液冷的设计预留，可以帮助设施在不损害整体项目的前提下灵活适应。

“Early procurement protects the schedule, while flexible design protects the long-term value of the asset,” Giddings said.“提前采购保障进度，而灵活设计保障资产的长期价值，”Giddings 说。

Retrofitting older facilities can offer another path to faster delivery and lower upfront costs, particularly when a site already has available power, sufficient structural capacity, and infrastructure that can be reused. However, those advantages can disappear quickly if a building requires major mechanical upgrades, higher electrical distribution capacity, heavier floor loading, or large-scale liquid-cooling retrofits.改造旧设施可以提供另一条更快交付、更低前期成本的路径，尤其是当场地已具备可用电力、足够的结构承载能力和可复用的基础设施时。然而，如果建筑需要大规模机械升级、更高的配电能力、更高的楼板承重或大规模液冷改造，这些优势可能很快消失。

“The economics ultimately depend on how much existing infrastructure can be retained while still meeting current and future performance requirements,” Giddings said.“经济效益最终取决于在满足当前和未来性能要求的同时，能够保留多少现有基础设施，”Giddings 说。

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Nathan Eddy covers data center trends and technologies across multiple industries. A graduate of Northwestern University’s Medill School of Journalism, he is also a documentary filmmaker specializing in architecture and urban planning. He currently lives in Berlin, Germany.Nathan Eddy 报道多个行业的数据中心趋势与技术。他毕业于西北大学 Medill 新闻学院，同时也是一名专注于建筑与城市规划的纪录片制片人。他目前居住在德国柏林。