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PMorgan Chase has appointed Michelle Herrick as head of its commercial real estate division, effective January 2024. Herrick, a seasoned industry professional with over two decades of experience in CRE, joined JPMorgan in 2017 and is taking the reins during a challenging period for the sector.

    She succeeds Al Brooks, who will transition to vice chair of commercial banking next year and continue to advise teams across the company. In her new role, Herrick will oversee JPMorgan's CRE business, which encompasses agency lending, community development banking, commercial term lending, and real estate banking. She will report directly to John Simmons, head of commercial banking.

    "We are delighted to announce Michelle as our new head of CRE," Simmons said in a statement. "Her extensive experience and deep sector knowledge make her an ideal candidate for this role. I'm confident she will drive business growth and deliver exceptional results for our clients."

    Herrick has held various leadership positions at JPMorgan, including Central Region market manager for real estate banking, where she achieved consistent double-digit revenue growth. Her prior experience also includes senior roles at Bank of America and LaSalle Bank.

    The CRE sector is currently facing significant headwinds, with rising interest rates increasing refinancing costs and the shift to remote work leaving many office buildings vacant. Herrick's appointment comes as JPMorgan looks to navigate these challenges and maintain its position in the market.