Office Space
When you think about the most recognizable cities in the United States, it’s likely that New York City is one of the first that comes to mind. One misconception, though, is that NYC is one entire city. Rather, it is split up into five different subsections called boroughs. These boroughs are Brooklyn, Queens, Staten Island, Manhattan, and the Bronx. Of the five boroughs, Manhattan is likely the one that you imagine to be the entirety of NYC. That’s because Manhattan has the most skyscrapers, tourist sites, and historical landmarks and monuments. Manhattan itself is split up into about 60 different neighborhoods, each of which has its own environment and feel.
One of the most iconic Manhattan neighborhoods is Chelsea. This area is considered one of the most high-end and luxury areas in NYC, as it’s trendy and full of attractions. Located on the edge of the Hudson River and bordered by 6th Avenue, West 14th, and West 34rd Streets, this neighborhood’s location draws the attention of thousands of both locals and tourists each year. Plenty of companies have profited off of Chelsea’s prime neighborhood, as attractions like the Empire State Building, the Flatiron Building, and Madison Square Garden are nearby. Some of the companies that took advantage of Chelsea’s notoriety are Kleinfeld Bridal, Apple, Google, and Peloton.
If you’re considering opening an office space in Manhattan, keep Chelsea in mind. This market is sure to draw attention to your company, as it’s a widely recognized area and easy to travel to. When you begin your search, you should start by learning about the neighborhood to ensure your company would be a good match for the area. For more information about the neighborhood, we’ve outlined the history and trends of the neighborhood, as well as top Chelsea commercial real estate options in the area.
Just as the entirety of New York City, Chelsea has a rich history associated with it. Beginning in early times, the land that is now classified as Chelsea was claimed by the Dutch. They slowly transformed this wooded area into farmland, and this farmland was soon enhanced upon. The name Chelsea came to be in the mid 1700’s when a man named Thomas Clarke bought a Georgian-styled home on a large plot of land that was built and established by the Dutch. He decided upon the name Chelsea based upon a retirement home in England called the Royal Hospital Chelsea. As Clarke and time passed, this land was acquired by his daughter who married Benjamin Moore.
Throughout the time of the Industrial Revolution, the boundaries of the Clarke residence expanded, thus so did the neighborhood of Chelsea. Immigrants began to arrive in waves, and Chelsea became a place where they would work. Tons of factories were established during this time frame, and a large number of immigrant workers allowed their productions to continue. Unfortunately, not all of these immigrants got along perfectly. In fact, during this time Chelsea
was known as one of the most controversial areas of Manhattan, as there was a riot between Irish Catholics and Protestants here that resulted in just under 70 deaths.
As time passed, Chelsea’s industrial feel diminished, and it grew into a high-end and residential neighborhood. By the late 1800’s, the theater district formed and attracted all kinds of talent and profit. The motion picture industry boomed here prior to World War I, too. Further down the timeline, buildings like the London Terrace and the Art Deco Walker Building were established. These are still seen as two classic representations of Chelsea today.
Though Chelsea may have had spurts of negative connotations in the past, Chelsea has emerged as a leading neighborhood in Manhattan. There are plenty of reasons that someone should consider opening or moving their company here. Be sure to keep these benefits in mind when deciding between neighborhoods to rent office space in Manhattan in.
In current times, Chelsea is seen as one of the best places to rent office space in NYC. This is because of everything that the neighborhood has to offer its office tenants. Plenty of companies have taken advantage of Chelsea, and so can you. The first benefit of office space available in Chelsea is the luxurious and aesthetic environment the neighborhood offers. It is a largely upscale neighborhood, so you’ll always be surrounded by high-end and classier businesses. This is beneficial for companies who desire a more professional, expert, and specialized neighborhood feel.
A second way that Chelsea is a great place for businesses is the many tourist attractions the nearby area has to offer. When many monuments, attractions, and landmarks are within a small area, it often becomes the most traveled to and populated area. This is because people are able to visit various different sights within a short period of time. Some of these visit-worthy areas near Chelsea include the High Line, Vessel, Madison Square Garden, the Empire State Building, and the Ground Zero Museum Workshop. People who open businesses or continue their companies in well-traveled areas benefit from the recognition they receive. A multitude of people will pass your business each and every day, and these people could potentially turn into customers.
The last and final reason that companies could benefit from opening their office space in Chelsea is the accessibility. Chelsea has plenty of public transportation that runs right through the neighborhood, and the availability of sidewalks and walking-friendly areas is high. This ease of access could allow both employees and customers or clients to reach the company easier. In the long run, this decreases turnover rates and increase retention rates.
Overall, Chelsea is a top spot in Manhattan to rent office space from. Not only will your company space here gain a lot of recognition, but it’s easy to travel to and a highly desired place for residents and tourists alike.
Chelsea is arguably one of the most high-end neighborhoods to rent from in NYC. Compared to other New York City neighborhoods, opening an office in Chelsea is relatively high in both price and amount of competition. After the midyear 2019 data was examined, it was recognized that the cost of office space in Chelsea averages around $66.86 per individual square foot. This ranks as the 13th most expensive neighborhood examined falling under Tribeca at $66.97 per square foot, the World Trade Center at $67.10 per foot, and the United Nations Plaza at $67.88 per square foot. These neighborhoods are all well-known and desired, and Chelsea’s placement among them allows you to put its popularity and business appeal into perspective. All of the above neighborhoods relate in popularity, accessibility, and notoriety.
In total, about 45 million square feet of office space is available in Chelsea. This square footage is spread across the approximate 514 buildings in the neighborhood. Statistically, this is ranked as just under 5 percent of the total inventory space available in New York City. This number, however, does not include the 3 buildings under construction there currently. About 3 buildings are expected to emerge, and these will add approximately 340,000 square feet of office and floor space. This will take up approximately 0.8 percent of the NYC square footage. While this is such a small percentage of the entire real estate in New York, it will surely add more opportunities for plenty of companies to open office space in Chelsea.
Based on the data referred to above, it’s clear to see why office space in Chelsea is one of the most competitive markets to enter. Because of this, it’s important to act fast and efficiently if you see a Chelsea office space for rent that works best for your company.
One of the reasons that Chelsea is so popular for office space rentals is its prime accessibility to transportation. This is especially true regarding subway and train access. In early times, Manhattan was untapped by industry. Following the industrial revolution, though, subway lines started popping up everywhere. In fact, the first ever subway line was the IRT which ran very close to Chelsea. With one line already so close by, others began to branch off it and reach out into the nearby area. Soon enough, plenty of trains were centered around Chelsea. As time passed, plenty of subway lines became available. Today, some of the most commonly seen lines in Chelsea include the 1, 2, 7, A, C, E, L, and PATH trains. The best part about such a recognizable area like Chelsea is that because it’s so widely traveled, every part of the neighborhood can be reached. Wherever a train can’t take you, a bus can. Some buses that run through Chelsea include the M7, M11, M12, M14A, M14D, M55, and more. Ultimately, wherever you need to get somewhere in Chelsea, a train or bus can take you there.
One unique train line that ran through Chelsea and since closed down was a freight rail line. This was above ground and carried meat and produce throughout the city. Since its closing, it has been transformed into The High Line. The High Line is a mile and a half long walking path that was redeveloped after being overtaken from the New York City Department of Parks and Recreation by a nonprofit organization called Friends of the High Line. This park allows people to walk easily from one end of Chelsea to the other. This, in addition to the wide-open sidewalks and cobblestone roads available in the neighborhood, brings Chelsea’s Walk Score up to a 99 out of a possible 100. This means that people who live or travel here do not need a vehicle or public transportation to get around. Instead, they can rely on the ways of a pedestrian.
The transportation options in Chelsea, NYC, include walking, taking a train, or riding a bus. All three can get you everywhere throughout the neighborhood effectively, as there are plenty of options within each category for travel.
When looking for commercial real estate for rent anywhere in Manhattan, the task can pose many difficulties. This is especially true for the neighborhood of Chelsea. Chelsea, not only does it have a limited amount of retail space available, but the competition is high and growing constantly. As time passes, Chelsea keeps becoming considered more of an ideal area to open or continue a company in. With this, you have to be sure to act fast when you see the best place for you and your business. Keep in mind what these rentals can offer you, whether they’re accessible compared to other or current locations, and if there’s room for expansion if needed. Because there are plenty of choices for real estate in this neighborhood may be less ideal than others, we’ve outlined top Chelsea office space for lease below.
Located on the northern border of Chelsea, 424 W 33rd Street is a great option for both smaller growing and established companies. Though this building was built in 1914, it does not seem like that at all. In fact, it was recently renovated to allow for a more modern, yet refined look. In total, there are approximately 200,000 square feet in this building, and this area is split up across 14 floors, including a lobby area. The average square footage per unit is around 2,600, but this varies depending on the unit desired. Aesthetically, this building is uniquely beautiful and stands out from surrounding buildings in that it’s tall, concrete, and has a furnished outdoor frontage. Regarding the internals of the units themselves, there are two offices and one conference room within an open floor plan. This is ideal for smaller businesses, as the large open space comfortably fits up to 15 employees. If you desire furniture, you can request it to come with the lease. This can save on the cost of getting your business up and running. Other benefits that this office space offers renters is a fully controllable central HVAC system, high ceiling, free electricity, and a full wet pantry. Based on the location of this building, accessibility is simple – the M11 and M34 buses are within walking distance, and the 7 train is right around the corner. 424 W 33rd Street is a top choice rental in Chelsea for smaller or growing companies.
One of the most beautiful options for office space in Chelsea is 80-90 8th Avenue. This space is stunning and is sure to stand out to both clients and employees. Built in 1929, this 20-story building has about 185,000 square feet worth of office space embedded inside it. Each individual unit is approximately 2,000 square feet, and there are multiple units available across
each floor. This means your company could be sharing a floor with another office space in a separate unit. Regarding the internal space, a stunning lobby is the first thing you and your clients will see when they enter the building. With accents of marble and gold surrounding the six elevators available, there’s nothing else like it in Chelsea. The office space itself is large, open, and well lit. Huge windows allow light to reflect off the white floors, and the use of glass separators highlights the open areas to make the space seem even larger than it is. One great aspect about this office is that it’s considered built to suit. This means that you can change the internal construction to suit your business. In addition to the standing of the building, its location makes it highly desired. The A, C, E, and L train station is right nearby, and the 1 and 2 train stops are just about a block away from the front door of this building. Having many train options close by allows employees and customers to access your office space easily. Ultimately, if you’re in search of a unique leasing office in Chelsea, 80-90 8th Avenue is an amazing choice.
Located on the western end of Chelsea, 450 W 31st Street is a highly desired Chelsea office space in the neighborhood. Built in 1926, the building has a rustic but modern feel to it. There is a total of 112,000 square feet spread across 12 different floors, and each of the units averages at about 4,0000 square feet. Because of this, the building best suits mid sized companies or smaller businesses who expect to grow in the near future. Regarding the internals of the unit itself, hardwood floors, 15-foot-high ceilings, and large windows allow for a wide and open feel. This office space also comes with a huge and fully furnished kitchen, full restrooms, and elevators. All of these essentials make for a more desirable office space. Customers and employees will appreciate how accessible the building is. The 1, 2, 3, 7, A, C, and E trains are right by the office doors, and an LIRR station and Penn Station are also nearby. If you’re looking for a midsized open office area that is perfect for growing and preestablished companies, 450 W 31st Street is a great option.
If in your search for office space in Manhattan, you came across Chelsea as the best choice for you, there are many things to pay attention to. First, remember that competition in Chelsea is high, so you should be ready to act fast when a great spot appears. Next, consider the space itself and recognize if it can grow with you and your business. Lastly, be confident, as the more you believe in your ability as a company, the more positive your office space search will be.
Chelsea is an amazing location to open an office space due to the location and benefits that the building provides. As long as you stay focused throughout your search and acquisition of a rental location, your company should be very pleased with your Chelsea office space!
