Michael Ross, managing director of fast-growing Colliers Seeley International in Los Angeles, says buyers and sellers alike will benefit from the drop in long-term mortgage rates that Tuesday's surprise rate reduction may portend. "Long-term, if interest rates go down, then cash-on-cash yields will go up," Ross tells GlobeSt.com. "Sellers won't have to drop prices much because buyers can get higher yields through lower interest rates."

Yet, mortgage rates might not drop as far—or as least as quickly—as some real estate owners and would-be borrowers hope. Tuesday's reduction "was anticipated, [so] we've seen rates come down rather precipitously in the past week," says Howard Levine, president and CEO of California-based multifamily lending giant ARCS Commercial Mortgage Co.

The low rates many lenders are charging for financing today, Levine tells GlobeSt.com, "already reflect the fact that everyone knew the Fed was going to lower rates soon. But I think we'll see more rate drops in the future. And in the long-term, it's going to make a lot more deals viable."

Still, few experts say the Fed's decision to lower rates will provide much relief to the nation's troubled dot-com sector, which has lead the West Coast's economic expansion over the past few years and has become the region's single largest user of prime office space.

"The dot-com business has never been a rate-sensitive market: It's a market that's been driven by [their stock prices on] Wall Street," says CRESA exec Porter, whose brokerage firm is an undisputed leader in representing high-tech tenants. "Over the long term, lower rates may help some of the stronger dot-coms achieve profitability sooner but they won't do much to help the start-ups."