Whilst there may be obvious risks in relation to new restrictions, delays to approvals or local objections, data center development involves many stages before they become evident within the market. These include land acquisition, planning, equipment sourcing, funding and ultimately the actual construction. Therefore, the level of exposure to disruptions in the industry will differ depending on where in the development the issue occurs. For example, developments which are awaiting approval will carry different risks to developments which are further along in their construction schedule with contractors and equipment in place.