NEW YORK CITY—Despite the maxim that what goes up must go down,a downward shift appears nowhere in site for the New York Citymarket. That was the message conveyed by Cushman & WakefieldTuesday during a briefing on the first quarter, whereseveralsurprising turns of the market also were spotlighted.
In the CMBS market, from 2008 to 2010, “economists wereforecasting Armageddon in 2015 because they thought that debtwouldn't get refinanced and values wouldn't recover but that hasn'thappened," said Garrett Thelander, executivemanaging director of capital services.
Instead, he noted, “Values are strong and interest rates are low[making refinancing attractive].” His forecast for this year callsfor $124 billion in volume. “We're running on all eight cylindersand the wall of capital continues to grow.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
