On average, listings lease in the $60's per square foot per year. The Chelsea region is going through a decline in rates. In the last 3 months, the median rate fell $1 per sqft per year. That's a 2% decrease in rent.
Compared to the rest of the New York City market, the Chelsea region has lower rates, so you should have no trouble finding a great deal in this undervalued region.
In the last 90 days, 132 listings have been listed, so you'll want to check back regularly for new listings. About 14% of the available space in the Chelsea are subleases, so you might be able to snag a great spot on a short term. There aren't many listings below 2,000 square feet on the market, so finding a space for a small business might be tough.
Even though the median size is 4,000 sqft, there are still 0 spaces below 2,000 sqft. Most properties in this region are approximately 11 floors. Most buildings in this market were built in 1915 and are Class B.
A large portion of this market is residential, but there's plenty of office_space. Public administration is the dominant industry in this market. Most of the occupants of Chelsea work from home. Commuting between 30 and 45 minutes a day is the norm for those who opt to reside in this part of town.