The drop in interest rates is creating favorable ripple effects across the commercial real estate market in terms of lowering the cost of capital. Some foreign investors could also cash in on hedging costs that have moved significantly lower over the past several months. The big question is whether lower hedging costs will motivate foreign investors to be more active buyers in U.S. commercial real estate. “We do believe it will spur more foreign investment into the United States,” says Spencer Levy, chairman of Americas Research and senior economic advisor for real estate services firm CBRE.