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For one of those firms there will be no travel. Maybe a few conferences as you get more senior
Depends on target markets. Shops that invest regionally, you will rarely travel. But if you work on national projects, you can travel more often to either do DD on a potential acquisition or do construction management type activities.
The firms you mentioned have regional offices so travel would just be driving to job sites. Regardless at analyst level you're unlikely to be traveling other than maybe to go see a site pre-acquisition.
Travel is more prevalent if you are at a very centralized firm that works nationwide/multinational, but then only really at associate+.
One of my favorite parts of moving to a developer that focuses on 1 city - no travel. Business travel is absolutely exhausting.
In my experience in Multifamily, firms have a “boots on the ground” developer in each market. So you wouldn’t do much traveling because you are focusing on finding deals in the city you’re in. If you advance up the ladder, you may start managing regions and travel to other cities. I think you’d travel more if you were working for a company like 7-eleven finding real estate around the country to build new locations.
As Pudding has alluded to, travel is a pain in the ass. Travelling 2-4 hours each way to tour a site is a massive inconvenience when you have a busy schedule. If you're covering a city don't expect much travel outside of it other than maybe 1-2 conferences every 18-24 months or so (firm dependent, some don't do conferences). If you're covering a region, you probably wont travel for every site visit / on site meeting etc, but occasionally you will be brought along to keep morale up.
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