Tom Kennedy, Head of Research and Investment Strategy for Real Estate Americas at J.P. Morgan Asset Management and former central banker, shares bold predictions on commercial real estate trends. He discusses how deglobalization will reshape markets and why multifamily units are the top investment choice. Kennedy dives into the rise of data centers as a new asset class, the impact of AI and immigration on the labor market, and the evolving landscape driven by interest rates. He also critiques traditional portfolio strategies, pushing for innovative alternatives.
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Tom Kennedy's Career Journey
Tom Kennedy shares his journey from being a central banker to a data scientist and investment professional at JP Morgan.
He leverages vast data access at JP Morgan to make informed long-term real estate investment decisions.
insights INSIGHT
CRE Market Unique Correction Insight
Commercial real estate experienced only a few major price corrections in 30 years, including a unique COVID correction.
Despite rising rates, net operating income grew, and reduced supply due to high rates points to a rally and shortage ahead.
volunteer_activism ADVICE
Invest in Multifamily Now
Focus on multifamily properties now due to affordability issues and the rise in rental demand.
With limited supply and increasing wages, landlords have room to raise rents responsibly.
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Season 3, Episode 1: In this episode, co-hosts Jack Stone and Alex Gornik are joined by Tom Kennedy, Head of Research and Investment Strategy for Real Estate Americas at J.P. Morgan Asset Management. A "recovering central banker," Tom drops some of the boldest predictions we've heard, including a direct callout to the Federal Reserve.
Tom reveals why your portfolio strategy might be in trouble, shares insider data impacting half of America, and tells you where to place your bets for 2025.
TOPICS
00:00 – Introduction
05:47 – From Fed to JP Morgan
12:15 – JP Morgan's Bold CRE Prediction
18:32 – How Deglobalization Changes Everything
25:16 – Multifamily: The Most Obvious Investment Play
32:45 – Data Centers: Real Estate or Infrastructure?
38:12 – The Death of 60/40 and Rise of Alternatives
44:28 – Immigration, AI, and Labor Market Disruption
49:15 – Interest Rates and Fed Independence
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About No Cap Podcast
Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.
About CRE Daily
CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.
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