Tight vacancy persists as tech demand remains robust. Construction remains elevated, surpassing the pace of additions from the previous cyclical peak in 2015 and 2016. Currently, underway stock represents more than 4 percent of existing inventory, which may eventually test structural demand for office space. Near-term pressure is limited as pre-leasing approaches 80 percent and several large leases continue to be signed. Last year, 14 leases were inked for more than 100,000 square feet each, amounting to 2.8 million square feet of space. Apple, Amazon and Facebook are among the prominent firms swallowing large blocks of available space. Microsoft is also expanding its Redmond Campus to make room for an additional 8,000 employees in the next few years. Sufficient demand for Class A space is encouraging some traditional office users into lower-tier properties. As such, scarcity may emerge for Class B/C space in the metro during this economic cycle.