What is a powered shell data centre?

A powered shell is a data centre building delivered with the structure, utility power feed, and core electrical infrastructure in place, but without cooling, racks, or IT fit-out. It sits between a bare shell (just walls and roof) and a fully fitted facility (turnkey with all mechanical, electrical, and IT infrastructure). Hyperscalers and large colocation operators prefer powered shells because they install their own proprietary cooling and power distribution designs. Lease structures are typically 15-25 year triple-net (NNN), with the tenant responsible for fit-out capital ($4-8M/MW) and ongoing maintenance. Powered shell deals dominate the wholesale market, with rents running $100-180 per kW/month before tenant fit-out costs.