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For Multifamily Investors, Sun Appears To Be Setting on Sun Belt Markets

Sun Belt’s Share of Multifamily Sales Decreased Last Year for the First Time Since 2015
Sunbelt markets with the lowest multifamily capitalization rates, including Phoenix, shown here, as well as Jacksonville, Florida and Raleigh, North Carolina, also have some of the lowest projected rent growth. (iStock)
Sunbelt markets with the lowest multifamily capitalization rates, including Phoenix, shown here, as well as Jacksonville, Florida and Raleigh, North Carolina, also have some of the lowest projected rent growth. (iStock)
By Joseph Biasi
CoStar Advisory Services
February 7, 2023 | 5:10 P.M.

After a decade in the making, the shift in commercial real estate investment away from the major gateway markets to faster-growing areas in the South and West has stalled and even begun to reverse course.

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