Low vacancy drives uptick in speculative development. Positive net absorption will support another year of vacancy improvement as organizations like Post Holdings and Square lease space to support their growing workforces. Post Holdings is increasing its presence with plans to build a new office building in proximity to its corporate headquarters, providing it additional room to grow its workforce. Square is also growing its footprint, leasing an additional 56,000 square feet of office space in the Cortex Innovation District as it plans to hire an additional 300 workers over the next few years. There is an increasing need for quality office space, particularly as vacancy edges below 10 percent. To fulfill this demand, several speculative developments are underway metrowide. This includes the redevelopment of the old Armory in Midtown, which will be transformed into 185,000 square feet of office space. Within the area, several other projects are underway that could lure prospective tenants, including a microbrewery and a new hotel.