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 | Apr 17, 2017
Vertical integration triggers growth for an L.A.-based office furniture provider
Customization and technology drive sales for Tangram Interiors.
Market Data | Apr 13, 2017
2016’s top 10 states for commercial development
Three new states creep into the top 10 while first and second place remain unchanged.
Office Buildings | Apr 10, 2017
Innovation lab makes developing eye care solutions a collaborative affair
The Shop East innovation lab presents 13,500 sf of workspace across two floors with an emphasis on collaboration.
Mixed-Use | Apr 7, 2017
North Hollywood mixed-use development NoHo West begins construction
The development is expected to open in 2018.
High-rise Construction | Apr 4, 2017
Fifth tallest tower in the world opens in Seoul with the world’s highest glass-bottomed observation deck
Lotte World Tower’s glass-bottomed observation deck allows visitors to stand 1,640 feet above ground and look straight down.
Office Buildings | Apr 4, 2017
Amazon’s newest office building will be an ‘urban treehouse’
The building will provide 405,000 sf of office space in downtown Seattle.
Standards | Mar 29, 2017
Wellness movement is catching on with AEC firms
Hord Caplan Macht the latest to join the club by submitting its offices for certification under Fitwel’s program.
BIM and Information Technology | Mar 28, 2017
Digital tools accelerated the design and renovation of one contractor’s new office building
One shortcut: sending shop drawings created from laser scans directly to a wood panel fabricator.
Office Buildings | Mar 27, 2017
New York warehouse to become an office mixing industrial and modern aesthetics
The building is located in West Chelsea between the High Line and West Street.
Office Buildings | Mar 24, 2017
Brookfield expands its ‘office of the future’ brand to Houston
The developer engaged four design firms to come up with unique suites it will market under its DesignHive label.