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 $3 per sqft per year. That's a 4% decrease in rent.
Compared to the rest of the New York City market, the Chelsea region has less expensive rates, so you should have no trouble finding a great deal in this depreciated submarket.
In the last 90 days, 272 listings have been made available, so you'll want to check back regularly for new listings. About 6% of the office spaces 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 available, so finding a space for a small business might be tough.
Even though the median size is 2,540 sqft, there are still 0 spaces below 2,000 sqft. Most properties in this market are approximately 11 stories. Most buildings in this area 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 region. Most of the folk 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.