you can see that they are using capital when it is required due to demand, as you can see by the black bar in one of the graphs showing that majority of the capital is going towards Sydney instead of the rest. so the team know what they are doing. They need to build for the demand now yes, but also they need to build for the future too. if they wait for demand to go up before starting m3 and p2 etc then they will be behind the 8 ball and potentially lose contracts.
NextDC Rated New Buy at Goldman Sachs; PT A$8, page-65
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