TAMPA - Home foreclosures get most of the attention, but in the Tampa Bay area, about 1 in 17 commercial properties is in some form of distress, according to a research firm.

Real Capital Analytics, a New York-based real estate research company, estimates about 6 percent of the Bay area's commercial properties are in distress. The company defines "distress" as facing foreclosure, default or bankruptcy or being taken by lenders.

It includes properties in "forbearance agreements," too, in which a lender holds off on taking action against a borrower.

By Real Capital's estimates, Bay area commercial properties worth about $977 million are in distress. Those properties are in the categories of office, industrial, retail, apartment, hotel, unfinished developments and "other."

The Real Capital Analytics assessment includes Hillsborough, Pinellas, Pasco and Hernando counties.

That is about 6 percent of the value of the region's total commercial properties, estimated at $15.6 billion. To estimate the region's total commercial real estate value, Real Capital Analytics tallied commercial real estate sales for the region from 2005 to 2008, said Ben Thypin, a Real Capital analyst.

Here's the breakdown on local properties found to be in distress: 18 office properties valued at about $101.4 million, 27 apartment properties valued at $583.8 million, and 14 distressed retail projects worth an estimated $147.8 million.

All told, the Tampa Bay was 46th out of 65 metro areas ranked by highest rate of distressed commercial property. Las Vegas ranked first, with an estimated 32 percent of its commercial properties in distress, followed by Detroit at 24 percent.

Reporter Michael Sasso can be reached at (813) 259-7865.