Most listings are in the $60's per square foot per year. The Chelsea submarket is experiencing a decrease in rates. In the last 3 months, the median rate fell $1 per sqft per year. That's a 2% decline in rent.
Compared to the rest of the New York City market, the Chelsea submarket has less expensive rates, so you should have no trouble finding a great deal in this depreciated submarket.
In the last 90 days, 280 listings have been listed, so you'll want to check back regularly for new listings. About 7% of the listings in the Chelsea are subleases, so you will probably need to consider the implications of signing a direct lease with the building. 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 2,680 sqft, there are still 0 new listings below 2,000 sqft. Most properties in this area are approximately 11 floors. Most buildings in this region were built in 1914 and are Class B.
A large portion of this region is residential, but there's plenty of office_space. Public administration is the dominant industry in this region. 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.