Chuck DiRocco of Altus Group “We’re in the ninth year of an economic expansion, and it has somewhat run its course at this point,” says DiRocco.

NEW YORK CITY—The Altus Group’s latest Real Confidence Executive Survey, issued late last month, finds commercial real estate executives—both senior-level and up-and-coming—moderately confident in the strength of the US and global economies. However, moderate confidence does not equal unalloyed optimism, and the survey revealed a more cautious outlook in view of what has been both a long economic recovery and a long CRE cycle that many believe has already peaked. There’s also a relatively low level of confidence in the Trump administration’s ability to accelerate growth beyond what was achieved in 2017.