Angela Kleiman, president and CEO of Essex Property Belief, Inc. (NYSE: ESS), sat down for a video interview at Nareit’s REITweek: 2026 Investor Convention in New York, June 1-4.
Kleiman stated it’s presently a “very fascinating time” for the West Coast markets by which the REIT operates. “We’re within the epicenter of innovation, particularly with synthetic intelligence.” She pointed to round 250 start-ups simply within the Bay Space, which is “translating into a requirement catalyst for residences, and it’s simply beginning.”
When it comes to leasing exercise and efficiency, the main markets are San Francisco, San Mateo, Santa Clara, “and even Oakland is doing fairly effectively and has been exceeding our expectations,” Kleiman stated.
Kleiman famous that California “simply doesn’t produce sufficient housing,” including that it’s 2.5 instances costlier to personal a house. In the meantime, for the previous 5 years on the rental aspect, revenue development has outpaced rental development, making rental items a extra reasonably priced choice, she stated.
Trying forward, Kleiman underscored the position of inhabitants development and in-migration in supporting residential actual property as a “viable and sustainable asset class.”
