As of Q3 2017, retail rents in the Manhattan market continue to decline.  The market is reckoning with the implications of an environment where pricing has been misaligned with current demand levels, as it adapts to the larger challenges of an evolving retail business model. While declining rent creates challenges for some landlords and investors, the downward adjustments are helping to stabilize the Manhattan retail landscape—and encouraging tenants to take advantage of a healthy New York City economy.