Michelle Herrick, Head of Commercial Real Estate at JPMorgan Chase
Mar 6, 2025
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Michelle Herrick, Head of Commercial Real Estate at JPMorgan Chase, shares her expertise in navigating commercial banking. She discusses powerful leadership principles that drive accountability and success in large organizations. Herrick dives into the emergence of private credit and its impact, while also addressing the future of office spaces in a post-pandemic world. Her insights on client relationships, economic fluctuations, and innovative strategies for financing data centers reveal a dynamic and evolving landscape in commercial real estate.
Michelle Herrick emphasizes that career advancement in large organizations relies on accountability, adaptability, and long-term vision amidst economic challenges.
The resilience of the commercial real estate sector stems from the ongoing demand for quality, amenity-rich office spaces averse to less desirable properties.
Deep dives
Leadership and Career Progression
Career advancement within large organizations often requires individuals to distinguish themselves through talent and hard work. The speaker highlights their journey, starting from a training program and eventually moving up the ranks in significant banking institutions. Key to this success is the ability to adapt and show results, particularly during challenging economic periods, like the Great Financial Crisis. Emphasis is placed on maintaining accountability and long-term vision while taking actionable steps to achieve career goals.
Corporate Culture and Accountability
In a large organization such as JP Morgan, fostering a culture of accountability is essential for collaboration among over 300,000 employees. Clear roles and responsibilities help teams work together towards shared objectives rather than individual accolades. The speaker notes that a strong corporate culture nurtured by leadership can mitigate conflicts and promote collaboration across departments. This teamwork approach ultimately benefits clients and promotes success across the business.
Outlook on Commercial Real Estate and Office Space
The commercial real estate sector remains resilient despite recent challenges, with office spaces being a focal point of interest. While some speculate about the demise of office space, the speaker argues that the need for well-designed, amenity-rich environments will persist. Observations from major cities indicate that flexible office demand and innovative leasing are key to addressing changing workforce preferences. It’s noted that while there may be a surplus of less desirable office space, the core demand for quality locations in urban centers remains strong.
Navigating Economic Challenges in Banking
Managing a vast portfolio in the banking sector presents unique challenges, especially during economic downturns requiring extensive portfolio management. The importance of transparent communication with borrowers becomes crucial during these periods to navigate credit issues effectively. Collaborative approaches are emphasized, where both the bank and borrower work together to find sustainable solutions. The speaker reiterates that banks should not only focus on short-term gains but also aim for long-term success through strong relationships with clients.
On a special episode of the Walker Webcast, we featured Willy’s conversation with Michelle Herrick, Head of Commercial Real Estate at JPMorgan Chase Commercial Banking, from the Annual Global Fund Finance Symposium.
In this dynamic keynote, Michelle shared insights about her career, the leadership principles that foster accountability, her experience working with senior leadership, the rise of private credit, and her outlook across various asset classes.