The commercial real estate industry is nervous about lease-accounting changes proposed by the International Accounting Standards Board and the Financial Accounting Standards Board. The guidelines could cause companies to rethink long-term leases or even buy buildings instead of leasing. On the other hand, there are so many variables that it is difficult to predict how firms would react. "To the extent that the financing rates are lower today, I don't know why someone wouldn't want to lock that up just because you're going to put that on your balance sheet," said James McCartney, managing director at Net Lease Capital Advisors.

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