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. Â
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
Office Buildings | Nov 28, 2018
Amazon HQ2 and the new geography of work
The big HQ2 takeaway is how geography and mobility are becoming major workplace drivers.
Mixed-Use | Oct 25, 2018
Philadelphia’s uCity Square kicks off major expansion drive
This innovation center has several office, lab, and residential buildings in the works.
Office Buildings | Oct 25, 2018
Stantec consolidates three Portland-area offices into one downtown location
Stantec worked with Ankrom-Moisan Architects on the design.
Office Buildings | Oct 8, 2018
Netflix leases Epic, an under construction office tower in Hollywood
Gensler designed the building.
Office Buildings | Oct 1, 2018
NASA’s Cleveland-based Glenn Research Center to receive a new centerpiece
TEN Arquitectos designed the building.
Office Buildings | Sep 19, 2018
Manhattan’s Meatpacking District has a new tallest tower
CetraRuddy designed the office building.
Office Buildings | Sep 17, 2018
TaylorMade Canada HQ includes golf laboratory and product showroom
ZZen Design Build was the general contractor for the project.
Office Buildings | Sep 5, 2018
Facebook’s new Frank Gehry-designed Menlo Park HQ extension includes a massive green roof
Level 10 Construction was the general contractor for the project.
Office Buildings | Aug 27, 2018
The open office isn't dead
The degree of open or enclosed doesn't matter in high-performing work environments. If the space is designed to function well, all individual space types are rated as equally effective.