AI Boom Drives San Francisco Real Estate Surge and Data Center Demand

San Francisco sees 85% over-asking bids and 17% price jumps, signaling tech wealth concentration. Data center market mixed: Blackstone pulled out of Virginia campus, Boulder City project withdrawn, Upper Merion PA denied plans, but Hut 8 secured $9.8B AI lease in Texas. Data center REITs outperform by 23 points. Emerald AI involved in Nvidia's 96MW Manassas project. Flexential acquired 110 acres in Kaufman County, TX. Local opposition and entitlement risk remain key hurdles.