Office rent growth slows

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Office rents are still increasing citywide, but at a slower rate, according to a market report by real estate firm Jones Lang LaSalle. The average asking rent on commercial property in the city increased 4.6 percent in the first quarter, to $72.07 per square foot. In Manhattan, Class A buildings increased 8.2 percent over the last quarter, compared to a 25.3 percent jump over the same period between 2006 and 2007. For Class B buildings, rents increased just 1.4 percent, compared to a 31 percent spike at the start of last year.

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