Growing public worry about artificial intelligence and the energy-intensive data centers that support it continues to draw attention, but financial markets are treating these terms as a goldmine. This contrast between public anxiety and Wall Street optimism came to light through recent earnings calls from two Boston-based firms—BXP, a real estate company, and Clean Harbors, an environmental services provider. Neither company operates in the tech industry, yet both highlighted how demand linked to AI and its infrastructure is shaping their business strategies and financial outlooks.
At BXP, now rebranded from Boston Properties, president Doug Linde addressed how the AI boom differs from the earlier surge in life sciences. He noted that while the biotech rush led to overbuilding and underused properties, the current wave of AI investment appears to be more stable and tenant-driven. Linde pointed to a recent 320,000-square-foot lease signed with robotics firm Boston Dynamics in Waltham as a prime example. This deal shows a clear uptick in demand for real estate across the Boston area, particularly as AI companies expand their physical footprint.
He emphasized that BXP is seeing a steady pipeline of large leases from AI firms, especially in key tech hubs like New York and San Francisco. While he acknowledged that the life sciences market had overextended itself, he noted that such a scenario is not materializing in the AI sector. This stability, Linde explained, is a major reason why the company is optimistic about the long-term benefits these leases will bring to its revenue and occupancy rates.
Meanwhile, Clean Harbors’ co-CEO Eric Gerstenberg outlined an ambitious expansion plan into the data center industry. The company is introducing a new ‘integrated data center solution’ that includes services like water filtration and debris removal from pipes at these facilities. Gerstenberg said the company is committing $50 million over the next three years to acquire specialized equipment, including tanks and vehicles, to support this emerging demand.
The company aims to generate $200 million in annual revenue by 2028 through this new business line. So far, Clean Harbors has already secured contracts at ten data center sites and is competing for work on an additional twelve projects. Gerstenberg’s leadership believes the company is well-positioned to thrive in this growing market, thanks to its tailored services and long-term maintenance strategies. Both BXP and Clean Harbors reflect a broader shift in traditional industries adapting to meet the needs of AI and data centers, even as public concerns over their environmental and social impacts remain.