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
Office Buildings | Mar 21, 2018
Yeti’s new global headquarters evokes the outdoors
Gensler designed the new HQ.
Office Buildings | Mar 19, 2018
A cost guide to office fit-outs provides comparisons for 59 markets
The new JLL report also finds landlords offering more generous tenant improvement allowances.
Movers+Shapers | Mar 19, 2018
Movers + Shapers: Tech takeover
From Chicago to Charlotte, the tech boom is transforming urban real estate markets and redefining workplace design.
Office Buildings | Mar 19, 2018
The new office has roots in retail
How retail’s focus on brand authenticity, heritage and education are transforming workplace design.
Office Buildings | Mar 13, 2018
Using workplace data to create connected communities
Workplace data is being put to use by corporate service groups to provide a better employee experience and empower the businesses that are their customers.
Office Buildings | Mar 12, 2018
Sound advice on workplace design
Thoughtful design, paired with a change management program to educate staff, can both enhance connectivity and minimize distractions.
Office Buildings | Mar 6, 2018
C.F. Møller Architects and Arkthing win competition to design Icelandic bank building
Landsbankinn is Iceland’s largest bank.
Glass and Glazing | Mar 5, 2018
New $5 Billion Apple Headquarters Has a Glass Problem
The substantial use of glass on the interior of Apple Park has caused headaches for some employees, literally.
Office Buildings | Mar 2, 2018
Give your HQ some heart: Creating branded workplaces
These days, if your office space isn’t a true reflection of your brand, you’ve missed a big opportunity to connect with your audience.
Office Buildings | Mar 1, 2018
The top seven floors of Macy’s State Street store will be converted to office space
The deal is worth $30 million.
