In the current Word for Office 365, I would like to vertically align the words in a line, This image demonstrates that on the top the line is obviously above the centre:
I would like there to be space above and below the text, not only below.
31 Answer
OK, there are two simple ways (that I know of) to do what you're asking. They are alluded to in the comments, but I thought I'd make it really clear.
1) Adjust the paragraph spacing direct
Open the paragraph dialogue and adjust the spacing before and after the paragraph to equal numbers, and make sure the box Don't add space between paragraphs of the same style is unchecked. This will balance out the spacing as long as the paragraph is a single line and leave you with the second of your two examples. If you are unhappy with the spacing between lines (for paragraphs that are longer) you can adjust that here as well. It will take some fine tuning though, because the paragraph spacing is in points and the line spacing is in multiples of line width (another classic Microsoft fudge...)
2) Set the paragraph spacing to 0pt and manage the spacing within a table cell
The alternative is to use a table cell. This is a bit awkward if you have to use it a lot, but has a bit more flexibility than option 1. Add a table with a single cell. Select the whole thing and right click on the little box that appears in the top left corner of the table. Make sure that autofit is set to "window". Then set the cell margins to 0cm all round and align center left(in the alignment section of the table layout tab). Now add your text with the paragraph settings (see option 1) set to spacing of 0pt before and after.
You should have something that looks a bit like this (I've added a fill to the table cell so you can see it properly)
Once you have this, you can manage the space before and after the paragraph using a simple measurement in cm by adjusting the cell spacing (and not worrying about the paragraph spacing for the text itself.) You can now simply set the cell background to none and remove the table border - so neither will appear in your printed document.
Hope this helps