SAN JOSE — Office property values in the South Bay plunged by $108 million in 2024 due to changes in ownership, according to the Santa Clara County Assessor’s Office Annual Report.

The annual report for fiscal 2025-2026 arrives a few months after the Assessor’s Office stated that property values in Santa Clara County rose by 4.15% in 2024, the slowest rate of growth since 2012.

All other major real estate categories — agricultural, industrial, manufacturing, apartments, retail and single-family homes — showed increases in value after property purchases that resulted in changes in ownership, the report found.

Here is how other real estate categories fared during 2024. In all instances, the reported shifts in assessed value reflected a change in ownership.

— Single-family home values ros

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