Chad Tredway

Where in 2025 has JPMAM been leaning in, and which asset classes have you been ‘leaving on read’?  

Leaning in: This year, we have been actively investing in purpose-built single-family rental, non-luxury multifamily, grocery-anchored necessity retail, and industrial outdoor storage. Collectively, these primary and extended sectors have limited supply pipelines and sound fundamentals. The country is short almost 5 million homes, and a limited supply pipeline of apartments creates a strong backdrop for rental housing. For infill industrial, e-commerce is driving additional demands with sales that are almost double what they were before the pandemic while delivery times are cut by more than half. Strong wage growth and consumer spending have driven strong occupancy and rent growth at grocery-anchored and neighborhood strip centers.

Leaving on read: We’ve been steering away from bulk industrial buildings and commodity office assets. Although we are comfortable taking development risk, we’re generally finding better relative value in high-quality existing assets that have been repriced and are trading below replacement cost.  

Your net lease strategy has been particularly active this past year. What’s driving activity there, and how might that continue in 2026?  

There are several factors fueling demand for net lease as a real estate investment opportunity.

One of the biggest is middle-market manufacturing companies are experiencing a growing need for capital, especially as onshoring and reindustrialization trends accelerate. Since 2018, demand for industrial and manufacturing space in the U.S. has surged by 350 percent. At the same time, the number of commercial banks that can service the financial needs of these tenants has declined by 50 percent since the early 2000s. This imbalance makes alternative capital solutions like sale-leasebacks increasingly attractive. As more companies seek growth capital and awareness of the benefits of sale-leasebacks increases, we expect to see robust growth in the net lease space in the coming years.

What are the biggest investment headwinds and tailwinds in the market today? How are you navigating the latter?  

The biggest tailwind is market timing and the favorable entry point. The biggest headwind has been getting enough client capital to put to work to help them take advantage of what is shaping up to be a generational buying opportunity. 

The solution is getting the word out. Meeting with as many clients as possible. Pointing out that the double-digit repricing the industry just experienced has only happened three times in the last 50 years, highlighting the strong relative value of real estate compared to stocks and bonds. We need to remind people the Fed looks to have just started a rate-cutting cycle and we’ll be seeing additional stimulus in the coming quarters from the One Big Beautiful Bill, boosting real estate performance. 

Advanced manufacturing is another big theme for JPMAM. How’s your pipeline shaping up, and how competitive is it to find locations with solid amperage?  

We remain very bullish on these assets and look to continue growing our allocation. With the  increasing focus on supply chain independence, and growing stimulus, particularly for critical  industries, tenant demand is ramping up quickly. From aerospace and defense in Southern  California, to chips manufacturing in Phoenix, to rare earth refining/production in Texas, tenants are building up their capabilities across industries.

Quality high-power assets are increasingly hard to come by, but we continue to track them down. However, we’re tackling these investments from all angles and getting creative. We’re adding on to our exposure by upgrading existing assets, pivoting on underway development projects, as well as  through ground-up build to suits. We’re even working with tenants to build on-site substations and generation facilities to meet their power requirements. We’ve also found there are knock-on benefits from these tenants. Suppliers, supporting industries and ancillary services businesses often come in tow with these anchor tenants. They lease surrounding space, including traditional warehouse buildings, creating industry nodes and driving values.

Lighting Round:

Mamdani, Cuomo, Adams — Friend, mute, unfollow?
I’m not on Facebook.  

Your pick for Fed chair `26?
Any candidate that will preserve the Fed’s independence.    

More excited about — interest rate cut or Taylor Swift’s engagement?
Interest rate cut for me, but my three daughters are very focused on Taylor and Travis. 

When was your last vacation and where?
Family vacation to Iowa in August to visit my in-laws.  

Like in ‘Freaky Friday’ you swap bodies with Jerome Powell. What would you do?
Find the renovation plans for the Fed’s new office in Washington, D.C., and spruce up the amenities.

What’s your kryptonite?
Pessimistic people. 

How are the tariffs going to affect your Thanksgiving shopping?
It won’t affect Thanksgiving, but we’ll do more shopping on Black Friday — I always love a good deal.  

You appear on the kisscam at a concert. Who’s performing?
John Mayer concert with my wife. 

If Stephen Starr asked you which restaurant he should next reopen, what would it be?
A taco restaurant in Connecticut.