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

Real Capital Analytics, a New York-based real estate research company, estimates about 6 percent of Tampa's commercial properties are in distress. It defines distress as properties facing foreclosure, default, bankruptcy and those retaken by lenders. It also includes properties in "forbearance agreements," in which a lender holds off on taking action against a borrower.

By its estimates, commercial property worth about $977 million is in distress in the Tampa area, in the real estate categories office, industrial, retail, apartment, hotel, unfinished developments and "other."

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

Among various property types, the firm found 18 office properties in the area in distress, valued at about $101.4 million. It found 27 apartment properties in distress, valued at $583.8 million. And, it found 14 distressed retail projects, worth an estimated $147.8 million.

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

Most-distressed commercial real estate markets

Percentage of properties in distress

1. Las Vegas 32 percent

2. Detroit 24 percent

3. Miami 20 percent

4. Tertiary West 19 percent

5. Cincinnati 15 percent

46. Tampa 6 percent

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