A new report from ATTOM shows there were 625 U.S. commercial real estate foreclosures in March, a stunning 117% increase from the same time last year.
The commercial real estate market is starting to buckle under the weight of higher interest rates and remote work. There were 625 commercial real estate foreclosures in March, up 6% from February and 117% from the same time last year, according to a new report published by real estate data provider ATTOM.
Rates are poised to remain elevated for some time, as policymakers have signaled they are not prepared to start reducing rates until they are more confident that inflation has returned to 2%. About $1.5 trillion in commercial mortgage debt is due by the end of 2025, but steeper borrowing costs, coupled with tighter credit conditions and a decline in property values brought on by remote work, have increased the risk of default.
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