As institutional real estate investors navigate an environment shaped by persistent inflation, geopolitical volatility, constrained development and higher capital costs, questions are increasingly emerging about whether the industry is operating through a traditional cycle or entering a structurally different era for investing. In a recent white paper, Real Assets in the Age of Supply Shocks: Why This Is a Buy Moment, Hines argues that deglobalization, supply-chain realignment and growing infrastructure demands are creating long-term supply imbalances across real assets. In an exclusive interview, David Steinbach, global CIO at Hines, a real assets investment management firm, and author of the paper, discusses whether uncertainty has become the new normal for institutional real estate investing, why he believes today’s market differs from prior cycles, how supply
