The new advantage in the age of AI: Building in the real world
The real bottleneck isn't compute—it's real estate. Hines CEO on why data-center buildout execution beats capital.
Why it matters
As AI capex surges, physical infrastructure (housing for data centers, power grids, real estate) emerges as the limiting factor. A real-estate operator's perspective on why execution capability matters more than money in the AI buildout race.
The key facts
8 to knowLaura Hines-Pierce, Hines co-CEO, on infrastructure constraints
Physical infrastructure (housing, power) identified as new constraint vs. digital economy acceleration
Execution capability framed as competitive advantage over capital availability
McKinsey framing of real-estate/infrastructure angle on AI capex buildout
Source: Laura Hines-Pierce, co-CEO of Hines (real-estate and infrastructure operator)
Frame: execution on physical buildout, not capital, is now the constraint
Implication: housing, power, and infrastructure are the real AI bottlenecks
Published: July 2026 (recent, timely to ongoing AI capex acceleration)
Go to the source
McKinsey Insightsmckinsey.com
Publisher excerpt: As AI accelerates the digital economy, the real constraint is physical: housing, power, and infrastructure. Laura Hines-Pierce, co-CEO of Hines, explains why execution—not capital—will define the next era of value creation.