The question people in CRE would love an absolute answer: where are the markets in the cycle now? It's hard to tell when Federal Reserve executives have bounced back and forth enough to seem like a game of badminton where officials have lost track of the score.

Here are three views from different people in commercial real estate. Who's right? Wait for the end.

CNBC interviewed Empire State Realty Trust Chair and CEO Anthony Malkin. The company, which owns the Empire State Building and other commercial properties in New York City, is a mover, shaker, and leader.

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