Dallas-Fort Worth
This is the #1-ranked market, but new 75 MW+ loads are frozen at the grid level and a new governor wants a statutory moratorium. Existing energized and pre-audited capacity is gold. Underwrite new DFW load assuming a 2027-or-later energization at best.
C&W ranked Dallas the #1 primary market globally for the first time [Cushman & Wakefield, 2026 Global Data Center Market Comparison (Americas rankings) (2026-05); DCD: Global data center capacity under construction reached 31.7GW in 2025 (C&W report) (2026-05)]
Power and the queue
- ERCOT is not approving energization of new data center and crypto loads of 75 MW or more until its Batch Zero verification and audit is done. The governor directed this on Aug 3, 2026, and ERCOT's verification and community-impact reports are due Dec 10, 2026. [Office of the Texas Governor: Governor Abbott directs comprehensive data center audit (2026-08-03); ERCOT presentation to PUCT: Batch Zero verification and audit, community impact review (2026-08-20)]
- At Sep 30, 2026, Oncor's transmission large-load queue held about 293 GW of data center requests (282 GW at Jun 30). That figure covers Oncor's whole territory, not just DFW. [Oncor reports third quarter 2026 results (PR Newswire via Morningstar) (2026-11-05); Utility Dive: Oncor weighs impact of Texas data center freeze on nearly 300-GW load pipeli (2026-11-05)]
- CBRE H1 2026: 1,432.8 MW inventory, 39.6 MW available, more than 765 MW under construction and about 95% preleased. [CBRE press release: demand continues to outpace supply (H1 2026 market table) (2026-08); Data Center Frontier: CBRE record construction fails to ease capacity crunch (2026-08)]
Notable projects owners where public
- Microsoft declined an option for more Nscale capacity at Barstow (West Texas, not DFW), a sign that hyperscalers are pruning Texas options during the pause. [DCD: Microsoft declined option for expanded compute contract in Texas with Nscale (2026-11-05)]
Regulatory posture incentives, moratoria, zoning, water, large-load rules
- Sep 21, 2026: the governor directed TCEQ to halt data center permits until ERCOT's audit is complete. TCEQ reported compliance on Oct 19, and watchdogs say some permits still advanced. [Office of the Texas Governor: Governor Abbott directs TCEQ to halt data center permits (2026-09-21); TCEQ response to Gov. Abbott Sept. 21 directive on data centers (2026-10-19); Texas Tribune: Watchdog group criticizes TCEQ for advancing data center permits (2026-10-20)]
- Fort Worth adopted a closed-loop cooling rule for new data centers on Aug 11, 2026. A 90-day moratorium hearing is set for Nov 10, with adoption tentatively Feb 16, 2027. [City of Fort Worth: Data Centers (moratorium schedule, closed-loop cooling policy) (2026-09-29)]
- Governor-elect Gina Hinojosa (elected Nov 3) campaigned on an immediate moratorium until the Legislature passes protections. BMI says the pause could plausibly run into late 2027. [DCD: Anti-data center candidates claim victory across the US in 2026 midterm elections (2026-11-04); DCD: More than half of US hyperscale projects face 'regulatory friction' after midterms (B (2026-11-05)]
- SB 6 (2025) set PUCT/ERCOT large-load interconnection standards at a default 75 MW threshold, including curtailment and disconnection during grid emergencies, which the Anthropic S-1 cites. [Moratorium Nation dataset (M. Bommarito, CC BY 4.0), current through Sep 23, 2026 (2026-09-23); Anthropic, PBC Form S-1/A (Amendment No. 1), filed with the SEC Nov 2, 2026 (2026-11-02)]
- The state sales-tax exemption (6.25%, 10 to 20 years) remains in effect. Local sales tax still applies. [LoadAtlas: Data center tax incentives by state, and what changed in 2026 (2026-10-21)]
Pending legislation and actions 3 items
| Date | Jurisdiction | Item | Status | Impact | Source |
|---|---|---|---|---|---|
| 2026-11-10 | Fort Worth city | 90-day moratorium process + closed-loop cooling rule Closed-loop cooling is required for new data centers (adopted Aug 11, 2026). The moratorium hearing is Nov 10, with adoption tentatively Feb 16, 2027. | pending | high | [City of Fort Worth: Data Centers (moratorium schedule, closed-loop cooling policy) (2026-09-29)] |
| 2026-11-04 | Texas state | Governor-elect pledge: statutory moratoriumuncertain Gina Hinojosa (elected Nov 3) campaigned on an immediate moratorium lasting until the Legislature passes protections. BMI says the pause could plausibly extend into late 2027. | proposed | high | [DCD: Anti-data center candidates claim victory across the US in 2026 midterm elections (2026-11-04)] |
| undated | Denton city | Not yet adopted; a proposed ordinance following a two-track process (moratorium plus separate development-code amendments) is pending Council hearings.uncertain Two-track process pending: a possible temporary (about 3-month) moratorium and separate, permanent development-code amendments; first of two required public hearings held 2026-09-22, second scheduled 2026-10-27, possible final vote as early as 2026-12-02. Dura | pending | medium | [https://www.cbsnews.com/texas/news/denton-data-center-moratorium-public-hearing-september-] |
In force / enacted 4 items
| Date | Jurisdiction | Item | Status | Impact | Source |
|---|---|---|---|---|---|
| 2026-09-21 | Texas state | Governor directive: TCEQ to halt data center permits TCEQ is to issue no permits for infrastructure directly supporting data centers until ERCOT's audit is complete. TCEQ reported compliance on Oct 19, and a watchdog says some permits still advanced. | in force | high | [Office of the Texas Governor: Governor Abbott directs TCEQ to halt data center permits (2026-09-21)] |
| 2026-08-07 | Lavon city | City of Lavon moratorium ordinance on data center projects City studying zoning/infrastructure impacts before allowing new data center applications Duration: 90 days, extendable for another 90 days | in force | high | [https://www.yahoo.com/news/us/articles/lavon-approves-90-day-moratorium-020542449.html] |
| 2026-08-03 | Texas state | Governor directive: comprehensive data center audit (ERCOT Batch Zero) PUCT/ERCOT must verify and audit data centers in the interconnection queue. ERCOT is not approving energization of new data center and crypto loads of 75 MW or more until the audit is complete. Verification and community-impact reports are due Dec 10, 2026. | in force | high | [Office of the Texas Governor: Governor Abbott directs comprehensive data center audit (2026-08-03)] |
| 2025-06-20 | Texas state | SB 6 (89R, 2025) Requires PUCT/ERCOT large-load planning and interconnection standards; applies to large loads at a default 75 MW single-site threshold; addresses interconnection studies, cost allocation, co-location, and emergency curtailment | enacted | high | [SB 6 (89R, 2025) primary source (2025-06-20)] |
Pricing & supply snapshot directional
MW Desk estimate / directional range, Q4 2026
Asking-rate bands below are MW Desk directional estimates in USD per kW-month. They are rounded ranges, not quoted rates, and they go stale quickly.
- Retail colo (roughly 0–250 kW): $140–355/kW-mo
- Wholesale (roughly 250 kW–4 MW): $100–275/kW-mo
- Large / hyperscale blocks (roughly 4 MW+): $110–195/kW-mo
- Vacancy band: under 1% (extremely tight)
- Commissioned inventory (directional): ~2.4–3.1 GW
- Available power (directional): ~0–45 MW
- Under construction: ~30–120 MW
- Planned pipeline: ~9.8–10.5 GW
- Absorption: strong positive absorption
- Power / timing: Immediate powered shell is scarce; expect multi-year waits for net-new large-load service in constrained pockets.
Indicative only. Ranges are rounded and adjusted directional estimates, not quoted asking rates or a survey. Confirm with brokers and operators before acting. Source data ages quickly.
TJ field notes
Coming soon: TJ's on-the-ground notes on this market. Expect what the queue really looks like, which sites can actually get power, and what the brokers aren't saying.
Slot reserved for TJ's detailed market report.