The United States office market continues to enjoy steady growth as the current economic cycle continues to expand.

Office vacancy declined ever so slightly and rents rose modestly nationwide in the third quarter, according to reports from Cushman & Wakefield and Transwestern. Construction has been rapid in many major cities, but the markets have kept pace; Transwestern reports that absorption in the quarter was 17% better than in Q3 2017.

Both companies note the strong economy and the prevalence of technology as chief drivers of the U.S. office market's continued success, with unemployment remaining low and tech companies in fierce competition for talent. It is no surprise, then, that New York's Midtown South submarket and San Francisco's North Bay submarket were among the nationwide leaders in year-over-year rent growth, according to C&W.