About Real Confidence™

Altus Group, the National Association of Real Estate Investment Trusts® (NAREIT), and the National Council of Real Estate Investment Fiduciaries (NCREIF) are excited to continue to offer you Real Confidence™. This online publication comprised of a collection of published articles based on survey sentiment forecasting upcoming trends, thoughts, and direction for commercial real estate and the economy.

In this 2017 release, we are thankful to have gained insight from many decision-making leaders within a variety of private equity firms, listed REITs and debt organizations. As commercial real estate executives, they and their companies are in charge of hundreds of billions of dollars in assets daily. Their knowledge and experience provide the needed survey results as we asked each participant to rate questions on a scale of 0 (no confidence) to 100 (absolute confidence), based on their individual outlook. Also, we asked each executive to theoretically invest $1 billion in capital to a mix of real estate investment choices, directly linked to well-known industry indexes, attempting to post the highest one-year returns. Finally, video interviews posted within articles give additional insight and opinion to our final results.

This year we’ve added analysis focused on the demand side by surveying expected and recent college graduates on what impacts their decision-making on topics such as social media resources, home ownership, online retailing, and many other trending topics that affect commercial real estate.

This blend of feedback and resources supports our creation and distribution of Real Confidence™, a web-based source of thought-leadership information constructed to educate on the commercial real estate industry.


Real Confidence™ Chairs

Richard Kalvoda, Altus Group
Steven A. Wechsler, NAREIT
Peter Steil, NCREIF

Principal Editor & Concept Design

Charles J. DiRocco, Jr., Altus Group

Senior Advisers

Richard Wincott, Altus Group
Michael R. Grupe, NAREIT
Sara Rutledge, NCREIF


Charles J. DiRocco, Jr., Altus Group
Hillary Chura Hohmann
Mercedes Cardona

Guest Authors

Sara Rutledge, NCREIF
Jeff Fisher, NCREIF
Brad Case, NAREIT


Matthew Bechard, NAREIT
Robert M. Pflieger, NAREIT
ToolBox9 (Web Development)



Altus Group Limited is a leading provider of independent advisory services, software and data solutions to the global commercial real estate industry. Our businesses, Altus Analytics and Altus Expert Services, reflect decades of experience, a range of expertise, and technology-enabled capabilities. Our solutions empower clients to analyze, gain market insight and recognize value on their real estate investments. Headquartered in Canada, we have approximately 2,300 employees around the world, with operations in North America, Europe and Asia Pacific. Our clients include some of the world’s largest real estate industry participants across a variety of sectors. Altus Group pays a quarterly dividend of $0.15 per share and our securities are traded on the TSX under the symbols AIF and AIF.DB.A.



NAREIT®, the National Association of Real Estate Investment Trusts®, is the worldwide representative voice for REITs, or Real Estate Investment Trusts, and publicly traded real estate companies with an interest in U.S. real estate and capital markets.

NAREIT represents a large and diverse industry including Equity REITs, which own commercial properties, Mortgage REITs, which invest in mortgage securities, REITs traded on major stock exchanges, public non-listed REITs and private REITs.

U.S. REITs collectively own nearly $3 trillion of real estate assets and, by making investment in commercial real estate available in the form of stock, NAREIT’s approximately 300 REIT members enable all investors – importantly, small investors – to achieve what, once, only large institutions and the wealthy could.



The National Council of Real Estate Investment Fiduciaries (NCREIF) is a non-profit trade association that serves the direct commercial real estate investment community whose members come together to address vital industry issues and to promote research on the asset class.

NCREIF is dedicated to providing the institutional real estate industry with the highest standards of reliable, unbiased data, used for performance measurement, research, risk-return evaluation, and underwriting analysis in setting the foundation for sound investment decision making.

In addition to producing performance indices for direct commercial real estate, NCREIF serves its membership – institutional investors, academics, appraisers, accountants and other real estate practitioners – through conferences, peer-group forums and education programs to establish best industry practices and encourage professional development.



Please direct any comments or questions to:
Chuck DiRocco, CRE, CCIM, FRICs