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 | Jun 9, 2015
Hines planning $300 million office tower for Denver skyline
Designed by Pickard Chilton, the 640,000-sf tower is geared for large-scale tenants, with features like floor-to-ceiling glass, a 5,000-sf fitness center, a tenant lounge, and a series of outdoor terraces.
Office Buildings | Jun 3, 2015
Tech's influence on the workplace: 4 lessons from the field
Beyond space and programmatic considerations, four tenets highlight today’s tech workplaces: strength of story, design empathy, technology presence, and hackerspace.
Office Buildings | Jun 1, 2015
SHoP Architects unveils dual-glass-box scheme for Uber HQ
The plan involves two glass buildings connected with criss-crossing bridges.
Office Buildings | Jun 1, 2015
Can you make a new building as cool as a warehouse?
Just as we looked at that boarded up warehouse and thought it could be something other, office towers can be reborn, writes CannonDesign's Robert Benson.
Multifamily Housing | May 28, 2015
Census Bureau: 10 U.S. cities now have one million people or more
California and Texas each have three of the one-million-plus cities.
Retail Centers | May 18, 2015
ULI forecast sees clear skies for real estate over next three years
With asset availability declining in several sectors, rents and transactions should rise.
Office Buildings | May 18, 2015
New ASHRAE standard offers test method to determine heat gain of office equipment
The standard will aid engineers in configuring cooling systems in office buildings.
Office Buildings | May 17, 2015
Mountain View, Calif., denies development rights for Google campus master plan
Despite Google’s offer of new bike paths, wetlands restoration, and other perks, the city of Mountain View, Calif., denied the company the development rights to construct a grand new headquarters.
Sponsored | Coatings | May 14, 2015
Prismatic coatings accent the new Altara Center
This multi-use campus will contain a university, sports facilities, medical center, and world-class shopping
Industrial Facilities | May 11, 2015
SOM-designed Manufacturing and Design Innovation Institute opens in Chicago
The new space will be a place for academia, industries, and civic bodies to collaborate.