MARTINEZ — Plunging values for numerous commercial real estate sites such as office buildings have undermined property values in Contra Costa County, a yearly government report shows.
The Jan. 1, 2024 value for Contra Costa County properties was up 4.2%, or $11.16 billion, compared with the year before. The current assessment total represents a record high for property values in the county. The sluggish increase for property values in this part of the East Bay arrives on the heels of a forbidding landscape for Bay Area office building values.“The office building business has fallen off a cliff,” said Contra Costa County Assessor Gus Kramer said.Here are a few examples of property transactions in 2023 that point to weaker values for commercial real estate:
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