On average, listings lease in the $60's per square foot per year. The Chelsea submarket is seeing a decrease in rates. In the last 3 months, the median rate decreased $2 per sqft per year. That's a 3% decline in rent.
Compared to the rest of the New York City market, the Chelsea submarket has smaller rates, so you should have no trouble finding a great deal in this undervalued submarket.
In the last 90 days, 286 listings have come on the market, so you'll want to check back regularly for new listings. About 6% of the available space in the Chelsea are subleases, so you will probably need to sign a longer term lease with the landlord directly. There aren't many listings below 2,000 square feet posted, so finding a space for a small business might be tough.
Even though the median size is 2,640 sqft, there are still 0 new availabilities below 2,000 sqft. Most buildings in this market are close to 11 floors. Most buildings in this region were built in 1914 and are Class B.
A large portion of this area is residential, but there's plenty of office_space. Public administration is the dominant industry in this market. Most of the residents 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.