The commercial building sector continues to be under financial pressure as foreclosures nationwide increased 48% in June compared to June 2023, according to ATTOM, a real estate data analysis firm.
Commercial foreclosures decreased month over month by 14%, but the 647 foreclosures in June reflect a 219% increase compared to the recent low mark of 141 in May 2020. California had the highest number of commercial foreclosures in June, at 214. This was a 10% decrease from May 2024, but a 289% increase from last June.
Texas, New York, New Jersey, and Florida, following California, recorded the highest numbers of commercial foreclosures in June. While these states experienced decreases this quarter, they have exhibited significant fluctuations over the past decade. Each state is showing a continuous overall increase in foreclosures.
Texas had a total of 70 commercial foreclosures in June 2024, a 1% decrease from last month and a 100% increase from a year ago. New York saw an 8% percent decrease from last month and a 21% decrease from last year. New Jersey saw a 35% decrease from last month and a 34% increase from last year. Florida saw a 45% decrease from last month and a 10% increase from last year.
Related Stories
Giants 400 | Nov 28, 2022
Top 130 Office Sector Contractors and CM Firms for 2022
Turner Construction, STO Building Group, Gilbane, and CBRE top the ranking of the nation's largest office sector contractors and construction management (CM) firms for 2022, as reported in Building Design+Construction's 2022 Giants 400 Report.
Giants 400 | Nov 28, 2022
Top 85 Office Sector Engineering and EA Firms for 2022
Jacobs, Alfa Tech, AECOM, and Burns & McDonnell head the ranking of the nation's largest office sector engineering and engineering/architecture (EA) firms for 2022, as reported in Building Design+Construction's 2022 Giants 400 Report.
Giants 400 | Nov 28, 2022
Top 200 Office Sector Architecture and AE Firms for 2022
Gensler, Perkins and Will, Stantec, and HOK top the ranking of the nation's largest office sector architecture and architecture/engineering (AE) firms for 2022, as reported in Building Design+Construction's 2022 Giants 400 Report.
Data Centers | Nov 28, 2022
Data centers are a hot market—don't waste the heat!
SmithGroup's Brian Rener shares a few ways to integrate data centers in mixed-use sites, utilizing waste heat to optimize the energy demands of the buildings.
BAS and Security | Oct 19, 2022
The biggest cybersecurity threats in commercial real estate, and how to mitigate them
Coleman Wolf, Senior Security Systems Consultant with global engineering firm ESD, outlines the top-three cybersecurity threats to commercial and institutional building owners and property managers, and offers advice on how to deter and defend against hackers.
Giants 400 | Oct 6, 2022
Top 60 Medical Office Building Contractors + CM Firms for 2022
PCL Construction, Adolfson & Peterson, Swinerton, and Skanska USA top the ranking of the nation's largest medical office building (MOB) contractors and construction management (CM) firms for 2022, as reported in Building Design+Construction's 2022 Giants 400 Report.
Giants 400 | Oct 6, 2022
Top 50 Medical Office Building Engineering + EA Firms for 2022
Jacobs, Gresham Smith, KPFF Consulting Engineers, and IMEG Corp. head the ranking of the nation's largest medical office building (MOB) engineering and engineering/architecture (EA) firms for 2022, as reported in Building Design+Construction's 2022 Giants 400 Report.
Giants 400 | Oct 6, 2022
Top 100 Medical Office Building Architecture + AE Firms for 2022
CannonDesign, Perkins Eastman, HGA, and E4H Environments for Health Architecture top the ranking of the nation's largest medical office building (MOB) architecture and architecture/engineering (AE) firms for 2022, as reported in Building Design+Construction's 2022 Giants 400 Report.
Green | Oct 5, 2022
In California, a public power provider’s new headquarters serves as a test case for an innovative microgrid and for reducing greenhouse gas emissions
Sonoma Clean Power (SCP), the public power provider for California’s Sonoma and Mendocino Counties, recently unveiled its new all-electric headquarters.
| Sep 23, 2022
Central offices making a comeback after pandemic
In the early stages of the Covid pandemic, commercial real estate industry experts predicted that businesses would increasingly move toward a hub-and-spoke office model.
