The next era of value creation may be defined less by digital innovation alone and more by the ability to build, operate, and scale physical assets. On this episode of The McKinsey Podcast,  co-CEO of Hines Laura Hines-Pierce joins McKinsey’s North American Chair Eric Kutcher to discuss a widening gap between digital ambition and physical capacity. From a global housing shortage to an emergency energy and infrastructure supercycle, the conversation explores what it takes to build at scale—and why labor, permitting, and supply chain are now the true bottlenecks. They also reflect on leadership, organizational change, and preparing a 70-year-old firm for a more volatile, fast-changing future.

In this recurring series on The McKinsey Podcast, Kutcher speaks with top CEOs about the practice of leadership.

The McKinsey Podcast is regularly cohosted by Lucia Rahilly and Roberta Fusaro.

To watch the full-length version of this interview, visit The McKinsey Podcast playlist on McKinsey’s YouTube channel.

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Theme music composed, performed, and produced by Joy Ngiaw.