The office supply pipeline is active for 2022 and just over 50% of this space is pre-leased. The heaviest development is sensibly clustered in traditionally high-growth office markets, albeit some of these markets must contend with higher rates of speculative construction. But the pace of supply growth for many cities is not too dissimilar from historic norms (Boston being a notable exception) and it is likely that pre-lease rates will increase in the coming months/quarters. Indeed, the key concern is this lease-up occurs at the expense of older and Class B properties.