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
High-rise Construction | Nov 3, 2016
Two identical Kohn Pederson Fox office towers may be headed to Wacker Drive
Murphy Development Group is looking for tenants for the $800 million project.
Office Buildings | Nov 2, 2016
The first completed office building from Bjarke Ingels Group features a double-curved façade and giant periscope
The building also marks the first BIG project in Philadelphia.
Office Buildings | Oct 26, 2016
The power of office amenities in the workplace
With a continued focus on providing more with less, companies across all industries are continually driving their workers to increase efficiency and productivity—to get product and services to market faster and cheaper, writes LPA's Karen Thomas.
Office Buildings | Oct 26, 2016
Zaha Hadid Architects’ Dominion Office Building employs a fantastical design for its atrium
The office is located in Moscow’s southern district.
High-rise Construction | Oct 5, 2016
Plans for Hudson Yards skyscraper from Bjarke Ingels have officially been filed
The 65-story tower will be primarily office space and has an estimated development cost of $3.2 billion
Office Buildings | Sep 30, 2016
How to choose the right amenities for your office
No matter how lavish the amenities, they’ll prove ineffective in making any kind of positive impact if they don’t align to a company’s culture and the characteristics that make an organization unique, write Gensler’s Lena Kitson and Kimberly Foster.
High-rise Construction | Sep 23, 2016
A massive redevelopment in Tokyo reunites developer and architect
Mitsui Fudosan and SOM join forces to create OH-1, a mixed-use complex with a prominent public square.
Office Buildings | Sep 22, 2016
‘Floating’ triangular glass building from Foster + Partners breaks ground in Copenhagen
The glass building provides the illusion of floating above a stone plinth.
Office Buildings | Sep 20, 2016
Sterling Bay proposes SOM-designed office tower near Chicago’s newly opened Transit Center at Union Station
The building is one of several projects that are filling this developer’s plate in this city.
Office Buildings | Sep 8, 2016
Taipei’s Lè Architecture, designed by Aedas, is almost complete
The 18-story building is designed to resemble a moss-covered river pebble in Taipei’s Nangang District.