NEW YORK CITY—Despite the maxim that what goes up must go down, a downward shift appears nowhere in site for the New York City market. That was the message conveyed by Cushman & Wakefield Tuesday during a briefing on the first quarter, where severalsurprising turns of the market also were spotlighted.

In the CMBS market, from 2008 to 2010, “economists were forecasting Armageddon in 2015 because they thought that debt wouldn’t get refinanced and values wouldn’t recover but that hasn’t happened,” said Garrett Thelander, executive managing director of capital services.

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