STOCKHOLM: Swedish builder Skanska is becoming more selective about which artificial intelligence data centre projects it takes on, favouring established technology clients over newer developers facing financing and execution risks.
Chief Executive Officer Anders Danielsson told Reuters that demand shows no signs of slowing down as major technology groups commission larger facilities instead of postponing projects.
“There are a lot of new developers in that area that we are a bit more careful about to make sure we go for the right project,” Danielsson said.
Skanska reported that third-quarter construction orders jumped 70 per cent to 68 billion crowns ($6.41 billion), including an 11.2 billion-crown U.S. data centre contract. The surge lifted its order backlog to a record 328.3 billion crowns.
The data centre boom has triggered increased scrutiny from lenders and investors amid concerns over refinancing risks for weaker borrowers.
Property consultancy CBRE reported that over 80 per cent of the record 7.5 gigawatts of data centre capacity under construction in eight major U.S. markets had been preleased by mid-2026.
Despite significant construction cost inflation in the United States and Europe, Danielsson said Skanska has successfully passed expenses on to customers without experiencing cancellations or margin pressure. Skanska’s construction operating margin rose to 5 per cent from 4.2 per cent a year earlier.
Swedish builder Skanska is becoming more selective about AI data centre projects, prioritising established technology clients over newer developers facing financing and execution risks.
With additional input from Reuters
