Ray Lawler

How have tenant demands in office buildings changed in recent years? 

Companies today are prioritizing high-quality, well-located office space. Flight to quality is real, and it’s being driven by a need to attract talent and foster culture. Tenants are seeking highly amenitized buildings that are close to mass transit, walkable neighborhoods, and vibrant urban cores.

The office of the future is no longer just about square footage — it’s about purpose, connectivity and experience. Tenants want spaces that are digitally enhanced, sustain-
ability-oriented, and designed to bring people together. 

What has been Hines’ biggest win of 2025 so far?

We have had many, but one of our most significant wins was the sale of 11 master-planned communities in Texas to Starwood Capital Group. This transaction showcased a deep investment appetite for well-located, master-planned communities that deliver much-needed housing to high-growth markets and capitalize on tailwinds in the living sector.

Another major milestone was the recent completion of the skyline-defining South Station Tower in Boston — a 51-story, transformative, mixed-use destination that reflects Boston’s history while making a lasting investment in its future. Twenty-seven years in the making, this project demonstrates our commitment to creating spaces that are not only architecturally striking, but that also strengthen community, improve sustainability and enhance people’s lives. It sets a new standard for how we approach mixed-use development, integrating office, residential, outdoor space, food and beverage, and transit in one of the most dynamic urban cores in the U.S.

What’s the market now for master-planned projects, especially those centered on retail and residential? How much of your business will come from that in the next two or three years?

We have high conviction in the long-term strength of the living and retail sectors. The market for master-planned, mixed-use developments is entering a new cycle — one defined by selectivity, experience and long-term value creation. Mixed-use environments are showing signs of a bottoming out, signaling the start of a new growth phase. The future lies in trophy-class, mixed-use buildings that reshape city skylines and neighborhoods — iconic spaces that seamlessly blend living, working and leisure.

Three key fundamentals are driving this momentum. 

The return-to-work debate is over. Companies are realizing they underestimated the need for high-quality office space. As teams return, demand is rising for environments that foster collaboration, culture and productivity.

Housing shortages are intensifying. Mixed-use developments are essential to meet demand, especially among younger generations seeking premier, city-center living designed around service, community and experience.

Retailers are responding to the desire for in-person shopping. Online will always have its place, but retailers are embracing how important experiential shopping is to their brand.

Are you expecting an influx of market activity in the first half of 2026 if rates continue to go down? 

We anticipate a measured uptick in activity in early 2026, particularly if interest rates continue to remain steady. Lower rates would ease the cost of capital, improve deal underwriting, and unlock sidelined capital that’s been waiting for more favorable conditions. That said, we believe we’re in a “higher for longer” environment, which reinforces the importance of selectivity. We take a long-term view and focus on quality, prioritizing opportunities that align with our strategic vision and high standards.

Many markets are now in what we call the “early buy” phase of the cycle. According to Hines research, this is when pricing is attractive, risk is relatively low, and the return potential — especially for development — is strongest. That makes this a smart time for strategic acquisitions and
early-stage development planning. 

Lighting Round:

Mamdani, Cuomo, Adams — Friend, mute, unfollow?
No comment.

Your pick for Fed chair `26?
Christoper Waller — experienced with a strong track record. Nonpolitical and forward looking. 

Borrowing costs up or down by late 2026?
Down.

More excited about — interest rate cut or Taylor Swift’s engagement?
Interest rate cut, but my daughter has transformed me into a Swiftie.

Last vacation and where?
This past summer. Costa Rica. We all loved it. 

Like in ‘Freaky Friday’ you swap bodies with Jerome Powell. What would you do?
Poor Jerome Powell! I think I would just try to absorb as much of his bandwidth and knowledge as humanly possible. 

What’s your kryptonite?
My family and my two Bengal cats. 

How are the tariffs going to affect your Thanksgiving shopping?
None. We will have the dinner and football no matter what, and I don’t shop over that holiday. 

You appear on the kisscam at a concert. Who’s performing?
Bruce Springsteen.

If Stephen Starr asked you which restaurant he should next reopen, what would it be?
As a former Philly guy like Stephen, we desperately need a great cheesesteak place here in SoCal.