Jason Alderman

Where is Hines going to be in 2026?

Over the last five years, we have had continued success in building our platform outside of New York City — in New Jersey, Pennsylvania, Westchester and Connecticut. This activity has generally been non-office, focusing on multi-
family acquisitions and development and expanding our industrial platform. In 2026, I expect that this trend has continued, and we will be even more diversified across various sectors in the tri-state area.

Where is Hines going to be in 2028?

We continue to be in an extremely challenging office market, one that I think will take years to resolve. However, by 2028, I expect us to have increased our office footprint in New York. 

Tell us about a successful financing you’ve done in the last 12 months. Or tell us about an unsuccessful one.

We were able to close a loan with a relationship bank last December in an incredibly challenging environment. This was a new industrial acquisition in New Jersey that we needed a loan in order to close on, and the firm’s relationships were invaluable.

When will we know the market has stabilized? (Be specific!)

I think we will be in an extended period of uncertainty on valuations as the macro market and interest rates settle — and, unfortunately, I think we won’t be able to rely on the kind of rate environments that we had for the last 15-plus years before the spring of 2022. So, the new “stability” will look different, and it will take us quite some time to get there.  

From an occupancy perspective, I think stability will mean the reduction in stock of obsolete product. That may mean 40 or 50 million square feet of space needs to be removed from the market for vacancy rates to stabilize.

How do you think the 2024 presidential campaign will impact the commercial real estate market?

At a high level, in theory, it shouldn’t. The Federal Reserve acts as an independent body when setting rates, and Congress passes infrastructure bills that may help in major markets like New York. Strong local political support for education, safety and infrastructure are what will drive long-term success in New York’s private real estate markets.

If you were to invest your own money in someone else’s real estate, who do you like and why?

Digital Realty Trust — I like the long-term trends for data.

What business advice are you most tired of hearing?

“Stay alive until ’25.”

Who do you like for POTUS in 2024? I like the sane one.

Do you feel personally safe moving through NYC? On the subway every day.

Jerome Powell: Are you a fan or critic? I don’t like what he has had to do.

Can’t-live-without technology now? I got a new cordless drill recently.

Elon Musk is …? Incredible.

Taylor Swift or Beyoncé? Neil Young.

Artificial intelligence — good or bad? Coming for you…

Mischa’s or Nathan’s for a hot dog? Papaya King.

Netflix or Hulu? Netflix.

What character are you in “Succession”? Ewan Roy.