On average, listings lease in the $60's per square foot per year. The Chelsea submarket is seeing a decline in rates. In the last 3 months, the median rate decreased $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 higher rates, and you'll have to negotiate above asking rent to be in this hot region.
In the last 90 days, 220 listings have been posted online, 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 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 2,640 sqft, there are still 0 listings below 2,000 sqft. Most properties in this market are around 11 floors. Most buildings in this market 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.