Hines' Ray Lawler: 'Don't Pray For Cap Rate Compression'

Season 9, Episode 2: How does Hines decide where to buy, build, and lend across one of the largest real estate platforms in the world? Today, we sit down with Ray Lawler, Head of the Americas at Hines, to break down how the firm thinks about institutional capital, development, office, multifamily, and long-term investing. Ray shares how Hines grew from a Houston developer into a global investment manager with $91B+ in assets and operations across 30 countries. Whether you’re interested in multifamily, office debt, global real estate strategy, or how major firms underwrite the next cycle, this episode is a must-listen. Join us as we dive into Hines’ highest-conviction themes, Ray’s Marine Corps background, and why running toward risk can create the biggest opportunities. Shoutout to our sponsor, WareSpace — turning underused industrial, flex, office, and big-box properties into micro warehouse space for small businesses. TOPICS 00:00 - Introduction to Ray Lawler and Hines 05:10 - Lessons From Asia and Global Real Estate 08:05 - Hines’ Capital Structure and Fund Strategy 13:55 - Office Debt, Trophy Assets, and Market Recovery 18:10 - Office-to-Residential Conversions 20:05 - How Hines Picks Markets and Deals 26:15 - The Backyard Deal and Japan Industrial Story 34:15 - Marines, Risk, and Leadership 37:05 - Why Living Is Hines’ Top Conviction Strategy 48:15 - Advice for Young Professionals For more episodes of No Cap by CRE Daily visit https://www.credaily.com/podcast/ Watch this episode on YouTube: https://www.youtube.com/@NoCapCREDaily About No Cap Podcast Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate. About CRE Daily CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.