Demand for office space, underpinned by steady job creation and elevated corporate confidence, has steadily tightened vacancy rates, pushing rent growth into its seventh positive year, according to a report by Marcus & Millichap The maturing cycle has begun to invigorate construction in markets that led the economic growth cycle, potentially creating areas with supply risk. Most markets remain on track toward strengthening fundamentals, but unique local market dynamics are driving more tactical decisions and raising investor caution.