Trammell Crow Company
CBRE-owned developer that builds warehouses, offices and now huge AI data center campuses.
On the record
Checkpoint: CBRE Q3 2026 earnings call reporting REI segment data center revenue
The call
TCC's near-term growth rides the AI data center building boom, with its risk tied more to permitting fights and hyperscaler capex swings than to AI replacing it.
Trammell Crow Company builds data centers and other large properties for big corporations. It is hard to replace because it owns thousands of acres of land already approved for building, has trusted relationships with Fortune 500 companies built over decades, and can access money through its parent company CBRE. The main risk is not that a competitor or new technology will take over, but rather that big tech companies might slow down their spending on new data centers, which would reduce the work available.
Why
01
AI pressure: None apparent. AI capex is filling TCC's pipeline, not eating it: hyperscaler data center demand drives its biggest deals now. Could AI do the core job? Unlikely.
02
Bigger players: Meta, Google, Amazon and Microsoft self-building data centers. Big tech increasingly designs and builds its own data centers in-house, which could cut developers like TCC out of future deals. Could a giant copy it? No, they are blocked.
03
What protects it. Decades of local entitlement relationships, land already banked for data centers, and capital backing from CBRE's balance sheet.
What would change this call
Forsyth Technology Campus phase-2 permitting decision (2026-2027). Tests whether local pushback like Bolingbroke's denial spreads to TCC's core Georgia pipeline.
CBRE Q3 2026 earnings on REI segment data-center development revenue. Shows whether TCC's outsized profit contribution is a durable run rate or pulled-forward gains.
White Oak (Augusta) and Douglas County project approvals or delays through 2026-2027. Indicates whether entitlement risk is rising across TCC's Georgia data-center land bank.
CBRE Q3 2026 earnings on REI segment data-center development revenue. Shows whether TCC's outsized profit contribution is a durable run rate or pulled-forward gains.
White Oak (Augusta) and Douglas County project approvals or delays through 2026-2027. Indicates whether entitlement risk is rising across TCC's Georgia data-center land bank.
Key numbers
- Ranked #1 pure development firm for 8 straight years
- $21B, 12M sq ft Forsyth Technology Campus proposed
- CBRE infrastructure revenue hit $3B in 2025
Named risks
- Local permitting denial of Georgia megaprojects, as with Bolingbroke Technology Campus in August 2025.
- Concentration in hyperscaler data-center capex if AI infrastructure demand rolls over.
- CBRE flagged data-center land development profits pulled forward in Q1 2026, implying lumpier future quarters.
- Community and water-use opposition, e.g. Forsyth campus estimated at 1.5M gallons/day.
- Theoretical revocation of Trammell Crow Company name license by Crow Holdings affiliate CF98, L.P.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Hines | gaining on | TCC ranked #1 pure development firm by square footage over Hines through 2025, per Lipsey survey |
| Related Companies | gaining on | TCC held #1 pure-development ranking ahead of Related Companies through 2025 |
| Crow Holdings | contesting | Separate Crow-family firm; licenses TCC name to CBRE, competes in adjacent development markets |
| DC BLOX | contesting | Both active in Georgia hyperscale data-center development as of late 2025 |
| T5 | contesting | Competing hyperscale developer named alongside TCC in 2025 Georgia data-center coverage |
| QTS | contesting | Referenced as active data-center developer/operator in same Georgia market as TCC, 2025 |
Questions people ask
- Who owns Trammell Crow Company?
- Trammell Crow Company has been a subsidiary of CBRE Group (NYSE: CBRE) since CBRE acquired it in 2006 for about $2.2 billion. It sits in CBRE's Real Estate Investments segment; Adam Nims became TCC CEO on January 1, 2026, reporting to REI segment CEO Andy Glanzman.
- Is Trammell Crow Company profitable?
- TCC files no separate financials as a CBRE subsidiary, but CBRE's April 22, 2026 Q1 earnings said profits from its data-center land development program, largely TCC's work, were delivered earlier in the year than anticipated, signaling strong current monetization.
- Could AI replace Trammell Crow Company?
- Unlikely. TCC's core work, entitlement negotiation, municipal approvals, land assembly, and construction management, is relationship-driven and jurisdiction-specific. AI is instead a tailwind: CBRE reported over $3 billion in infrastructure-related revenue in 2025 tied to data-center demand TCC helps develop.
- Is Trammell Crow Company the same as Crow Holdings?
- No. Trammell Crow Company is a CBRE subsidiary since 2006, while Crow Holdings is a separate, privately held Crow-family firm. CBRE licenses the 'Trammell Crow Company' name from CF98, L.P., a Crow Holdings affiliate, per its 10-K filed April 3, 2026.
- Who is Trammell Crow Company's biggest competitor?
- TCC has ranked #1 pure-development firm by square footage under construction for eight straight years through 2025 per the Lipsey survey, ahead of Hines, Related Companies, and Tishman Speyer. In data centers it also contests with DC BLOX, T5, and QTS.
- What is Trammell Crow Company's biggest current project?
- TCC proposed the $21 billion, 12-million-square-foot Forsyth Technology Campus near Forsyth, Georgia in November 2025, targeting 2037 completion. Its 1,600-acre, $8.4 billion phase one was approved by Forsyth's city council in a 5-1 vote in February 2026.
Timeline
- 2026-02Forsyth city council approves 1,600-acre, $8.4B phase-1 of Forsyth Technology Campus, 5-1 vote
- 2026-01-01Adam Nims becomes TCC CEO, reporting to new REI segment CEO Andy Glanzman
- 2025-12-16CBRE announces leadership promotions across Advisory, REI, and TCC business lines
- 2025-12-01TCC proposes third Georgia data center campus, ~2.3M sq ft, in Douglas County
- 2025-11TCC proposes $21B, 12M sq ft Forsyth Technology Campus, targeting 2037 completion
- 2025-08Monroe County, GA denies comparable 1.2GW Bolingbroke Technology Campus project
- 2025-04TCC files plans for 8M sq ft White Oak Technology Park near Augusta, Georgia
- 2025-02-18TCC named #1 pure development firm by Lipsey survey for 8th consecutive year
- 2024-12-16TCC announces Home Depot build-to-suit; reports $18.8-19B in-process projects
- 2006CBRE (then CB Richard Ellis) acquires Trammell Crow Company for about $2.2 billion
Revision history
24 July 2026
First assessed. Hard to displace. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Lipsey Survey Declares CBRE Real Estate's Top Brand for 24th Consecutive Year (2025-02-18)
- Trammell Crow Company Announces Plans for Home Depot Build-To-Suit Facility in Stockton, California (2024-12-16)
- Forsyth Tech Campus Data Center (2026-04-13)
- Trammell Crow Company
- Data Centers
- Plans filed for 8 million sq ft data center and technology park outside Augusta, Georgia (2026-06-27)
- Project pitched south of Atlanta with 12M square feet of data centers (2025-11-28)
- 1,600-acre data center approved by local authorities in Forsyth, Georgia (2026-07-13)
- Trammell Crow Proposes 12M SF Georgia Data Center (2025-12-01)
- CBRE Group, Inc. Reports Financial Results for Q4 and Full Year 2025 (2026-02-11)
- How the multibillion dollar AI data center boom has transformed CBRE (2026-05-20)
- CBRE Group, Inc. Reports Financial Results for Q1 2026 (2026-04-22)