The Cannery office building in Campbell, previously a fruit canning plant, has been purchased for $13.5 million, 25% less than its estimated value of $18 million. This transaction illustrates the ongoing struggles in the Bay Area office market, with overall property values declining significantly. A recent report notes stagnation in assessed real estate values in Santa Clara County, as the commercial real estate market experiences severe downturns. Despite reaching a record total of $725.7 billion, the annual increase in property values for the 2025-2026 fiscal year is the slowest since 2012.
The Cannery office building in Campbell has been bought for $13.5 million, which is 25% below its estimated value of $18 million as of January 2025.
The deal is a reminder of ongoing weakness in the Bay Area office market, where property values have nosedived in numerous instances.
The transaction reflects challenges in the commercial real estate market that have impacted the pace of growth for assessed real estate values in Santa Clara County.
Although the county's annual assessment roll reached a high of $725.7 billion, the 4.15% rise marked the slowest annual increase since 2012.
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