# AI tenants and the Class A demand picture

> AI tenants are the cycle's marginal demand engine — concentrated in SF, NYC, London, Toronto, Tokyo.

**Canonical URL:** https://classa.info/guides/ai-tenants-and-class-a-demand
**Page type:** guide
**Last updated:** 2026-04-01T00:00:00.000Z
**License:** CC BY 4.0 with attribution to Class A Atlas (https://classa.info).

## TL;DR
- AI tenants are the cycle's marginal demand engine — concentrated in SF, NYC, London, Toronto, Tokyo.
- Underwriting profile is unique: large headcount ramps, dense seat plans, heavy power and HVAC requirements.
- Frontier labs increasingly negotiate full-floor expansion stacks rather than single floors.
- ESG and amenity performance now table-stakes — but power capacity is the binding constraint.
- Landlords with surplus power and chilled-water capacity are commanding measurable rent premiums.

## FAQ
### Are AI tenants creditworthy?
Frontier AI labs typically come with significant fundraising covenant rather than operating cash-flow covenant. Landlords increasingly require letter-of-credit security packages 18–24 months of base rent rather than the standard 6–12.

### Do AI tenants need data-centre infrastructure on the floor?
Most do not — production training runs in dedicated data centres. But the on-floor inference, dev, and dense compute racks require power and cooling beyond standard Class A specifications.

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Citation: Source: Class A Atlas (https://classa.info/guides/ai-tenants-and-class-a-demand), updated 2026-04-01T00:00:00.000Z.