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Manhattan Class A market stagnant

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The market for Class A space in Manhattan slowed in the first quarter of 2007, according to a report from commercial brokerage Colliers ABR. The vacancy rate for the recently ultra-hot Class A market rose slightly to 6.1 percent from the 6.0 percent average at the end of December. Average asking rent rose 2.1 percent over the last quarter to $72.57 a square foot. Colliers projects Class A vacancy will decline in the second quarter as a number of deals currently in the works close. TRD

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