Exit Opportunities - Moving Cities Early in Career

I'm currently interning at a smallish (1-2 Billion AUM) REPE firm outside of the Northeast. A return offer is not out of the question, and I am highly considering accepting. The position would be at the analyst level, with responsibilities in both acquisition and asset management.

My question is if it is common, or possible to move back East (NYC) without substantially downgrading positions. I have a network in this part of the country and would likely prefer to settle back there after getting a few years of useful experience. Is this uncommon? I am not sure if a move away from the region would largely preclude moving back. Any input would be appreciated, especially if you have been in this position before. Thank you.