Photo of Jay Leupp “Over the very long term, REITs are no more or less harmed by interest rate hikes than the broader equity markets,” says Leupp.

SAN FRANCISCO—The Federal Reserve’s continuing caution about increasing short-term interest rates, combined with Wednesday’s news that vice chairman Stanley Fischer will soon depart from the nation’s central bank, mean that central-bank activity remains top of mind for commercial real estate investors domestically. How about globally? asked Jay Leupp, managing director and senior portfolio manager at Lazard Asset Management, for his take on the investment outlook in a rising-rate environment. An edited version of that conversation appears below: