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
Sponsored | HVAC | Feb 3, 2020
Reliable Building Systems Increase Net Operating Income by Retaining Tenants
Tenants increasingly expect a well-crafted property that feels unique, authentic, and comfortable—with technologically advanced systems and spaces that optimize performance and encourage collaboration and engagement. The following guidance will help owners and property managers keep tenants happy.
Office Buildings | Jan 29, 2020
Zaha Hadid Architects to build OPPO’s new Shenzhen HQ
ZHA sees your two connected towers and raises you another two.
Wood | Jan 24, 2020
105,000-sf vertical mass timber expansion will cap D.C.’s 80 M Street
Hickok Cole is designing the project.
Office Buildings | Jan 22, 2020
Headspace expands Santa Monica corporate HQ
Montalba Architects designed the project.
Office Buildings | Jan 19, 2020
Internet platform connects its employees with mile-long staircase in new HQ
Color also plays a big role in the interior design of this 19-story building.
Office Buildings | Jan 16, 2020
Jaguar Land Rover’s Advanced Product Creation Centre has the largest timber roof in Europe
Bennetts Associates designed the project.
Office Buildings | Jan 14, 2020
The workplace should be a tool for improving employee engagement
A survey of 1,600 North American workers hints at what workplace elements have the greatest impact.
Office Buildings | Jan 9, 2020
NFL’s Packers and Microsoft add an innovation center to a fledgling business district
The goal is to nurture startups aligned with local industries.
Office Buildings | Jan 9, 2020
Foster + Partners to design Alibaba’s new offices in Shanghai
The firm won a design competition for the project.
Sponsored | HVAC | Jan 6, 2020
Four Ways Building Systems Create Long-term Profitability
When accounting for the total cost of ownership and the potential return on investment, owners and developers should consider total energy usage, the lifespan of building systems equipment, the recruitment and retention of occupants, and lease rates.