Chelsea Submarket Overview
Although historically a residential area, since the High Line park opened in 2009 Chelsea has quickly turned into one of Manhattan’s most exciting new commercial real estate destinations. From great shopping, to fine dining, and the home of New York City’s unparalleled gallery scene, Chelsea offers retail and office tenants the convenience of a Manhattan office address with first-rate amenities. Extending roughly from West 14th Street on its south side to West 34th Street on the north, Chelsea commercial tenants enjoy immediate access to over 200 world-class art galleries and, of course, the incredible High Line, which runs above Tenth Avenue and terminates at the foot of future home of the Whitney Museum of American Art.
Chelsea is named for the estate – and Georgian-style home – of retired British Major Thomas Clarke, who obtained the property when he bought the farm of Jacob Somerindyck in 1750. Clarke chose the name “Chelsea” after the manor of Chelsea, London, home to Sir Thomas More. While the submarket’s roots are mostly industrial, serving the piers, warehouses, and factories that used to stand west of Tenth Avenue, today businesses as varied as Chelsea Piers and the IAC Corporation call Chelsea home.
Chelsea Inventory, Vacancy Rate, & Asking Rents
Overall current inventory in the Chelsea submarket is approximately 15 million square feet. But as of the first quarter 2012, the vacancy rate was just 3.8 percent – demonstrating the popularity of the submarket, particularly amongst creative and technology industry companies. And office space in Chelsea is generally a good value – average asking rents (again, as of first quarter 2012) were approximately $44 per square foot for all classes of buildings, though $60 per square foot for Class A buildings.
Map of Chelsea Office Properties
Current LEED-certified, Energy Star-rated, and historic commercial office buildings in the Chelsea submarket are displayed below. You can also use the options tab to expand your search into other New York City submarkets.