National office vacancies declined by 20 basis points in the fourth quarter, falling to 16.3%. This is the first time since 2011 that national vacancies declined by more than 10 basis points, and suggests that the office recovery is (finally) gaining long-awaited momentum. At 16.3%, the vacancy rate is still about 400 basis points above its cyclical low from mid-2007, but by several measures — including net absorption, new construction, and vacancy compression — 2015 was the best year for the office market in recent history. If anything, local news about construction booms in metros like Atlanta suggest that optimism is being served in rather large heaps.