Ray Lawler

What was your biggest deal of the past 12 months? 

Rather than a single deal, I’d point to the amount of capital we’ve been able to deploy with conviction during a period when many investors remained on the sidelines. Over the past 18 months, Hines U.S. Property Partners has deployed more than $1.2 billion across a series of investments, and Hines Global Income Trust has expanded its U.S. portfolio by $2.1 billion.

A few recently announced transactions stand out, including Birkdale Village in Charlotte, Bishop Arts in Dallas, 405 Colorado in Austin and 99 West Paces in Atlanta. Each reflects our focus on high-quality assets in markets with strong long-term demand fundamentals. 

We’re focused on opportunities where we see compelling fundamentals, limited new supply and multiple levers to drive performance through operations, leasing and place-making.

Describe your investor base. 

Our investor base is broad and diverse, spanning institutional investors, family offices, private wealth clients and individual investors. One thing that I believe differentiates Hines is that many investors engage with us in multiple ways. They may commit capital to one of our investment vehicles while also partnering alongside us on direct investment opportunities. 

Investors are now looking closely at execution. They want managers with local expertise, operational capabilities and a demonstrated ability to create value at the asset level. Our focus is to understand each investor’s objectives and communicate clearly our operating capabilities and the ability to create value at the asset level.

How have higher interest rates affected your investment or development plans? 

We anticipated a higher rate environment, and that has contributed to how we’ve approached investing since. While higher rates have certainly changed the math, they’ve also reinforced something we strongly believe: Returns today are being driven more by execution. 

In prior cycles, falling cap rates and abundant liquidity did a lot of the heavy lifting. Today, operational excellence has become increasingly important. Investors want to know who can lease space, improve operations, control expenses and create better experiences for tenants and residents. Those are areas where we believe our integrated operating platform and local market expertise can add value.

We manage and operate what we own, and we have local teams on the ground in our markets. Higher rates have increased the premium on operational excellence, and we see that as an opportunity.

If you could change one area of global or local tumult, what would it be? 

I would choose greater predictability in local land-use and permitting processes. Real estate is ultimately a long-term business, and capital flows where there’s clarity and confidence around execution. When entitlement and permitting timelines become highly uncertain, it becomes more difficult to deliver the housing, mixed-use projects and infrastructure that growing communities need. 

The issue isn’t community engagement. That’s essential. The challenge is creating a process that’s transparent, consistent and predictable. In many markets today, supply remains constrained because projects face years of uncertainty before construction can begin. Greater certainty would help unlock investment, bring much-needed supply to market and create better outcomes for communities over the long term.

How have institutional clients’ needs and requirements changed in recent years? 

Institutional investors have become increasingly focused on operational excellence and value creation at the asset level. They’re looking beyond broad market narratives and asking where the alpha comes from. 

Today, clients are increasingly focused on managers who can demonstrate a clear path for asset management and execution, including leasing strategy, operational oversight, expense management and efforts to enhance the tenant and resident experience. 

While market selection and portfolio construction remain important considerations, investors are increasingly focused on local market expertise and operational capabilities. In today’s environment, many investors are seeking managers with the experience and resources to execute business plans thoughtfully and manage assets on a market-by-market and asset-by-asset basis.

How have factors like tariffs and the changing approach of the U.S. toward other countries changed the nature of doing business with, and in, other countries?

While trade policy can create short-term uncertainty, we also see significant opportunities emerging from the reconfiguration of global supply chains. Nearshoring and domestic manufacturing investments have been creating demand for industrial real estate, logistics infrastructure and housing in a number of U.S. markets.

These shifts reinforce the importance of local knowledge and market selection. The impact isn’t uniform. Some regions will benefit significantly more than others. As always, we believe the advantage comes from understanding where demand is being created, identifying supply constraints and then executing effectively at the asset level. 

For long-term investors, these structural changes could present compelling opportunities.

Hines has vast holdings in most major asset classes. Which asset class do you find most attractive right now for new investment, and why? 

Housing demand continues to be strong across many markets, while supply remains constrained. That’s a compelling backdrop for long-term investment. We’re focused on well-located rental housing and residential land where we see durable demand drivers and opportunities to create value through development and active asset management. 

As always, we’re disciplined in our approach. We look closely at submarket fundamentals, affordability, infrastructure, delivery costs and the competitive supply pipeline, because even within attractive sectors, we believe execution and market selection are what ultimately drive performance.

Lightning Round:

Your AI platform of choice? ChatGPT. My digital chief of staff.

Who would play you in a movie? Tom Cruise. “Top Gun” version. 

One prompt you’d never give AI. Make all my decisions for me.

Jalen Brunson or Aaron Judge? Aaron Judge. Go big or go home.

“Oppenheimer” or “Odyssey”? “Odyssey.” Always up for an adventure.

Tom Holland, Andrew Garfield or Tobey Maguire? Tobey Maguire. The original.

Have you ever eaten pizza with a knife and fork? Never. Pizza was made to be eaten with your hands.

The most money you’ve ever spent on a hamburger? In-N-Out is the best. Why spend more?

Bank or non-bank? Both. Capital is capital.

Last book you read? Make Your Bed by Admiral William H. McRaven.

Borrowing costs — up or down in 2027? Up. Inflation is real and will be hard to tame. 

What was your nickname when you grew up/started out? Raym.

How long do we have before AI kills us all? Hopefully, after I retire.

Where’s your secret escape compound? (Think Peter Thiel’s New Zealand Plan B.) My cabin and woods in central Pennsylvania. Already have my plan.