Office leasing in the city is down 43 percent so far from last year. That's bad news to developers currently adding 6.5 million sq. ft. of space to the City and Silicon Valley, 3.4 million square feet of which "is speculative, meaning landlords broke ground without signing tenants." That does not mean the market is stagnant, however, as over 80,000 sq. ft. of newly occupied space has been leased in San Francisco in the first quarter alone.