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LOS ANGELES-Jitters over a spike in interest rates have had the industry watching the Federal Reserve‘s every move for some time, looking for clues to the Fed’s timetable for winding down its third round of quantitative easing. However, a report from DTZ says CRE in the US and overseas could face another side effect of an early withdrawal from QE3 and similar programs now in effect from European central banks:a negative impact on office pricing.

DTZ looked at the effects on office asset pricing in 10 US markets (New York City; Los Angeles; San Francisco; Chicago; Washington, DC; Boston; Dallas; Houston; Atlanta; and Seattle) and 10 European ones (London City; London West End; Paris, Berlin; Stockholm; Brussels; Frankfurt; Madrid; Amsterdam; and Milan). It considered both a “base” scenario of the status quo and an “early withdrawal” in which central banks end their programs sooner than expected.

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