Santa Clara County property values are experiencing the lowest growth in over a decade, attributed to economic uncertainty and stalled development projects. The total net assessed value reached nearly $726 billion, with home sales contributing significantly to roll growth. Office vacancy rates in Silicon Valley remain around 20% due to surging vacancies and the impact of hybrid work. Commercial developments like Google's 'Downtown West' and 'The Rise' are facing delays. Discounts on office buildings are noted, with predictions indicating market recovery may take several years.
Just a few years ago, office buildings were the darling of commercial real estate investment. That's not the case anymore. Foreclosures are almost weekly - hotels, office, some industrial. They're just throwing the keys and giving them back to lenders.
Multiple significant commercial development projects have stalled due to high interest rates, surging construction costs, and sinking demand for office space, with Google's 'Downtown West' project in limbo.
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