What is the expected capital expenditure for the company in 2022? 
nd small cells and towers really helped us as we looked at our growth rate last year. And this year, moving the other direction and an allocation more toward towers and one that we think continues into 2022 as the carriers focus on upgrading their macro sites. And I think -- and maybe this is kind of at the heart of your question around the activity. The carriers, it's very common for them in the -- through past technological upgrade cycles, and we think this will be true in 5G. They'll go back to the sites that they're already on and upgrade those sites for the new technology. That will drive activity. And then as they move toward densification activities, then we'll see more of that focused on small cells and then also some on the macro sites as they go on towers that they're not on currently. But we're in the cycle of the long cycle of upgrading to 5G, those early stages. They're focused on upgrading the sites that they're already on.
Simon William Flannery -- Morgan Stanley -- Analyst
Great. And just one follow-up on the capex point. I know you're not giving 2022 guidance, but is it fair to think then given 5,000 this year, 5,000 next year, the discretionary capex should be similar to 2021?
Daniel K. Schlanger -- Executive Vice President and Chief Financial Officer
Yes. I mean I'm going to say yes to everything you just said there, Simon. We don't want to give into the guidance right now. We'll do that in three months. It's not that far from now, and we will get there. But yes, the capex does follow activity levels. So, we'll follow that along and give more specific guidance in October.
Simon William Flannery -- Morgan Stanley -- Analyst
Thanks.
Operator
Thank you. We'll hear next from Matt Niknam with Deutsche Bank.
Matthew Niknam -- Deutsche Bank -- Analyst
Hey, guys. Thank you for taking the question. First, just to go back on small cells. I'm just wondering, you highlighted three points in terms of what drove the lowered outlook for this year and next. I'm just wondering, is there a risk or are you starting to see more self-filled from the carriers taking a greater share of some of the newer small cells coming on there. And then secondly, I hate to go to 2022. But just given the strength in services, you've increased the outlook for services the second time this year. Any initial thoughts you can share in terms of how tower site leasing growth could be trending into next year just as you're seeing momentum on the tower side pick up? Thank you.
Jay A. Brown -- President and Chief Executive Officer
Yes, Matt. On your first question, I don't see it as a risk to small cells. One of the things that we have been a hallmark of the way we thought about capital investment has been a rigorous process where we consider how we invest capital. And that process that we go through analyzes where we think demand is going to be not in the near-term, but over the long-term for a particular asset. As we're investing in assets like on the small cell side, where we're putting assets in at an initial yield of 6% to 7%, we have to depend on and count on future lease-up of those assets over a long period of time. And so we analyzed the opportunity to invest in those assets based on what do we believe the long-term prospects for lease-up against those assets will ultimately be. There are plenty of places around the U.S. where I think small cells will be built, that our analysis will point to an answer that says that doesn't make sense for us to invest our capital there. We've tried to allocate our capital to the places that have the highest return and the lowest risk against that potential lease-up. And as we talk about the cohort and look at these markets, they have a lot of similar characteristics in terms of what's driving that co-location. And obviously, given the amount of co-location that we've seen, even in just those cohorts that we were talking about this morning, have a lot of data around what leads to that co-location. And so we're trying to make sure we allocate capital based on the lessons that we've learned thus far and whe
nd small cells and towers really helped us as we looked at our growth rate last year. And this year, moving the other direction and an allocation more toward towers and one that we think continues into 2022 as the carriers focus on upgrading their macro sites. And I think -- and maybe this is kind of at the heart of your question around the activity. The carriers, it's very common for them in the -- through past technological upgrade cycles, and we think this will be true in 5G. They'll go back to the sites that they're already on and upgrade those sites for the new technology. That will drive activity. And then as they move toward densification activities, then we'll see more of that focused on small cells and then also some on the macro sites as they go on towers that they're not on currently. But we're in the cycle of the long cycle of upgrading to 5G, those early stages. They're focused on upgrading the sites that they're already on.
Simon William Flannery -- Morgan Stanley -- Analyst
Great. And just one follow-up on the capex point. I know you're not giving 2022 guidance, but is it fair to think then given 5,000 this year, 5,000 next year, the discretionary capex should be similar to 2021?
Daniel K. Schlanger -- Executive Vice President and Chief Financial Officer
Yes. I mean I'm going to say yes to everything you just said there, Simon. We don't want to give into the guidance right now. We'll do that in three months. It's not that far from now, and we will get there. But yes, the capex does follow activity levels. So, we'll follow that along and give more specific guidance in October.
Simon William Flannery -- Morgan Stanley -- Analyst
Thanks.
Operator
Thank you. We'll hear next from Matt Niknam with Deutsche Bank.
Matthew Niknam -- Deutsche Bank -- Analyst
 Hey, guys. Thank you for taking the question. First, just to go back on small cells. I'm just wondering, you highlighted three points in terms of what drove the lowered outlook for this year and next. I'm just wondering, is there a risk or are you starting to see more self-filled from the carriers taking a greater share of some of the newer small cells coming on there. And then secondly, I hate to go to 2022. But just given the strength in services, you've increased the outlook for services the second time this year. Any initial thoughts you can share in terms of how tower site leasing growth could be trending into next year just as you're seeing momentum on the tower side pick up? Thank you.
Jay A. Brown -- President and Chief Executive Officer
Yes, Matt. On your first question, I don't see it as a risk to small cells. One of the things that we have been a hallmark of the way we thought about capital investment has been a rigorous process where we consider how we invest capital. And that process that we go through analyzes where we think demand is going to be not in the near-term, but over the long-term for a particular asset. As we're investing in assets like on the small cell side, where we're putting assets in at an initial yield of 6% to 7%, we have to depend on and count on future lease-up of those assets over a long period of time. And so we analyzed the opportunity to invest in those assets based on what do we believe the long-term prospects for lease-up against those assets will ultimately be. There are plenty of places around the U.S. where I think small cells will be built, that our analysis will point to an answer that says that doesn't make sense for us to invest our capital there. We've tried to allocate our capital to the places that have the highest return and the lowest risk against that potential lease-up. And as we talk about the cohort and look at these markets, they have a lot of similar characteristics in terms of what's driving that co-location. And obviously, given the amount of co-location that we've seen, even in just those cohorts that we were talking about this morning, have a lot of data around what leads to that co-location. And so we're trying to make sure we allocate capital based on the lessons that we've learned thus far and whe