Hourly fees reward inefficiency.
When time equals money, there’s no incentive for attorneys to work efficiently. Why would you pay more for someone to take longer?

Hourly fees are unpredictable. 
You wouldn’t purchase anything else without knowing the cost up front; why should legal services be any different? Particularly for real estate developers and investors with already slim margins, it is critical to accurately project your costs in advance.

Hourly fees misalign the interests of attorney and client. 
Paying someone by the hour rewards time spent, not successful outcomes. An attorney who bills you by the hour is paid the same (or more) whether or not you accomplish your objective. They are a cost-plus vendor, not your partner. They take no risk.

Hourly fees have no connection to the VALUE delivered. 
You hire an attorney to achieve an outcome, not just for their effort. If an attorney can achieve an outcome in 2 hours vs. 5 hours, who cares?  The value delivered to the client is the same.