Rents are so high and vacancy rates so low that some analysts wonder aloud now whether the pricing in the Manhattan commercial market has shifted fundamentally — and permanently — upward.

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Second-quarter numbers released Tuesday morning by brokerage Cushman & Wakefield show the average asking rent for Manhattan commercial space at $43.46 a square foot for the three months ending June 30, up 26 cents over the average in the first quarter and the highest such rent level in nearly four years. more By Tom Acitelli