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“2023 saw a drop in transactions as the market responded to drastic increases in interest rates, insurance premiums, and operating expenses, while also navigating the influx of new supply. With the expectation of interest rate reductions and a stabilization of insurance markets in 2024, deal volume is anticipated to bounce back. A swiftly diminishing development pipeline and the nation’s fastest-growing employment base give Jacksonville good footing to maintain its strong performance compared to most other U.S. markets.”
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