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
Mass Timber | Mar 8, 2022
Heavy timber office and boutique residential building breaks ground in Austin
T3 Eastside, a heavy timber office and boutique residential building, recently broke ground in Austin, Texas.
Performing Arts Centers | Mar 8, 2022
Cincinnati Ballet’s new center embodies the idea that dance is for everyone
Cincinnati Ballet had become a victim of its own success, according to company president and CEO Scott Altman. “We were bursting at the seams in our old building. We had simply outgrown the facility,” Altman told the Cincinnati Enquirer.
Projects | Mar 7, 2022
An Atlanta office promotes employee well-being
For its new Atlanta office, New Relic, a California-based technology company that develops cloud-based software, wanted to keep employee health and wellness at the fore. It also wanted the workspace design to bolster productivity as well as employee engagement and retention.
Projects | Mar 3, 2022
Move, lift, restore: Repurposing a former post office near San Francisco
In mid-February, a construction crew began lifting a 1940s post office building located in Burlingame, Calif., on the San Francisco Peninsula.
Projects | Mar 2, 2022
Manufacturing plant gets second life as a mixed-use development
Wire Park, a mixed-use development being built near Athens, Ga., will feature 130 residential units plus 225,000 square feet of commercial, office, and retail space. About an hour east of downtown Atlanta, the 66-acre development also will boast expansive public greenspace.
Office Buildings | Feb 23, 2022
The Beam on Farmer, Arizona’s first mass timber, multi-story office building tops out
The Beam on Farmer, Arizona’s first mass timber, multi-story office building, topped out on Feb. 10, 2022.
Resiliency | Feb 15, 2022
Design strategies for resilient buildings
LEO A DALY's National Director of Engineering Kim Cowman takes a building-level look at resilient design.
Office Buildings | Feb 1, 2022
Mennica Legacy Tower: GP's latest office complex in Warsaw is uniquely designed
Mennica Legacy Tower marks GP’s first completed project in Poland. The Mennica Legacy Tower was developed by an affiliate of Golub & Company LLC and Mennica Towers GGH MT Sp z o o S.K.A, and delivered in collaboration with Epstein, a design firm with offices in Chicago and Warsaw.
Laboratories | Jan 28, 2022
3 must-know strategies for developers in today’s life sciences industry
While the life sciences industry had been steadily growing, this growth exploded when the pandemic arrived—and there is no indication that this lightning-fast pace will slow down any time soon.
Office Buildings | Jan 26, 2022
BlackRock’s Innovation Hub in Atlanta showcases its global design guidelines
The two-story space harkens to the city’s culture and past.
