The race to build artificial-intelligence infrastructure is fueling demand for new warehouses. Warehouse developer and operator Link Logistics said 15% of new leasing so far this year is tied to the data-center buildout, up sharply from a year earlier.

Luke Petherbridge, chief executive of the Blackstone-owned company, said tenants include companies assembling and supplying components such as turbines, generators and switchgear. "Some of it is supporting the data centers, and some of it is building all the component parts that go into these very, very expensive buildings," he said in an interview.

Link operates about 460 million square feet of warehouse space across North America with a focus on buildings located close to urban areas. Petherbridge said that while some data centers are being built in more rural locations, suppliers are often looking for space closer to population centers to be able to staff their buildings. "They don't need to be next to the data center. They need to be around where their labor pool is, where they build the things, then put them on a truck and ship them off," he said.