For years, as Internet use boomed, builders of the giant, air-conditioned computer warehouses known as data centers couldn’t keep up with demand.

Now, though many investors continue to pile into the data-center business, one of the few hot spots in real estate, others fear the peak may be past.

In key markets from New Jersey to Silicon Valley, there are signs that supply is catching up with the needs of the telecommunications, Internet and other companies that rent space from data-center landlords. Adding to the concern, some large tenants, such as Facebook Inc., are building their own facilities and avoiding …

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