Consider the market equilibrium for office space with a downward-sloping demand curve and an upward-sloping supply curve. How will the following events change the equilibrium? During the high-tech boom in the late 1990s, San Jose office space was in very high demand and rents were very high. With the national recession that began in March 2001, however, the market for office space in San Jose (Silicon Valley) was hit very hard, and demand decreased. Assume for simplicity that no new office space was built during the period. The result of these events is that the demand curve shifts to the left and the supply curve shifts to the left.