JPMorgan Asset Management is anticipating the next commercial real estate market cycle will value asset selection more than blanket portfolio allocation as alternative sectors become more institutionalized and platform performance remains paramount for institutional investors. In a presentation earlier this month, and related research viewed last week by PERE Credit, the New York-based investment manager outlined how the next five years of commercial real estate debt and equity investments will move on from bulk buys of industrial and shorting office. Such commonplace stances lose their effectiveness, the research stated. Chad Tredway, managing director and global head of real estate at JPMAM, and Thomas Kennedy, the firm’s head of research and investment strategy, presented their thesis at law firm Goodwin’s 2026 Real Estate capital markets conference held earlier in March. Their core theme: A new world order will necessitate changes to portfolio construction.