Data center industry is growing rapidly due to the expanding internet traffic and the upcoming IoT revolution. Data centers consume vast amounts of energy globally and are also a significant source of greenhouse gas emissions. There is a need to improve energy efficiency and sustainability of data center operations. The energy consumed by data centers is mostly converted to heat and this study focuses on utilizing that waste heat according to the principles of circular economy in the context of Northern Ostrobothnia, Finland. The overall regional business potential of data center waste heat utilization is evaluated and the best options of utilizing waste heat in case data center are sought. The study found that the most viable option would be utilizing waste heat locally to heat facilities or in industrial processes. Another potential option is to connect data center into a district heating system where waste heat can be fed.