I have pooh-poohed the notion that we will see an uptick in office construction any time soon. I still think we are a ways off but I am not sure if growth in office construction is as crazy as I once thought.

Here is real per worker spending on private office space.

FRED Graph

We are hitting very low, lows.

On the other hand office vacancies have almost certaintly topped.

Notice for example that our vacancy rate is roughly the same as 1993 but real spending per worker is roughly 1/3 lower. Vacancies will almost certainly decline throughout 2012 and reports of fairly decent rent increases are already swirling.

Its not crazy to think we could have a meaningful uptick here by the end of the year I think and baring disaster 2013 may have some decent building.