When I look at a colocation asset, the question I return to is not

growth rate or current vacancy.

It is: what does this operator control that a well-capitalized

competitor cannot replicate in 36 months? In 2024, the answer was

often "capacity."

In 2026, with 25 projects cancelled in a single year due to

permitting, the answer is increasingly "the entitlement stack."

That shift changes what premium means.