Amy's questions to Essex Property Trust Inc (ESS) leadership • Q3 2024
Question
An analyst from UBS asked about the expected impact of concession burn-off in 2025 and whether current transaction volumes have returned to pre-COVID norms.
Answer
Executive Angela Kleiman explained that they don't expect a significant change in the overall concessionary environment in 2025, as supply pressures are merely shifting between submarkets. Executive Rylan Burns noted that transaction volumes, while up from last year, are still at about one-third of the 2021-22 peak, though they are roughly in line with pre-COVID averages from 2015-2019.