Parsippany-TroyHills Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $28.66 2023 Avg. Asking Rent
  • 21.59% 2023 Office Vacancy Rate
  • $75.8M2023 Total Office Sales
  • $93.27Avg. Sale Price/SF

Parsippany-TroyHills office price per square foot in 2023 was $28.66 on average. The local office market recorded an average vacancy rate of 21.59% across all asset classes combined. The 4 transactions that closed here throughout 2023 amounted to a total sale volume of $75.8M. Parsippany-TroyHills office space commanded an average sale price per square foot of $93.27.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2023 Average Office Rent per Square Foot

  • New Jersey Class A & A+ Office Space$39.79
  • New Jersey Class B Office Space$27.52
  • New Jersey Class C Office Space$33.47

Parsippany-TroyHills, NJ Office Asking Rents by Class

2023 Office Vacancy Rates in Parsippany-TroyHills

Submarket Asking Rents Vacancy Rates
Parsippany $28.37 20.61%
Hanover $23.48 20.67%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Parsippany-TroyHills market was 21.59% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Parsippany-TroyHills was 20.61% in the Parsippany submarket, while the highest office vacancy in the market was 20.67%, recorded in Hanover.

Office Spaces for Rent in New Jersey

Parsippany-TroyHills Office Sale Price per SF

  • $93.272023 Avg. Price per SF
  • -47.68%Y-o-Y Avg. PpSF Change
  • $75.8M2023 Office Sales Volume
  • 42023 Number of Transactions

Parsippany-TroyHills, NJ Sale Price per SF Trend

  • Parsippany-TroyHills Avg. Sale Price per SF in 2023$93.27
  • New Jersey Avg. Sale Price per SF in 2023$141.86
Parsippany-TroyHills office space cost in 2023 marked a -47.68% change compared to the previous year. The sale price for office space in Parsippany-TroyHills averaged $93.27 per square foot in 2023, across all market subdivisions and asset classes. Conversely, the statewide New Jersey average office sale price during the same time period was $141.86 per square foot.

2023 Office Sales Volume

  • Parsippany-TroyHills, NJ Total Office Sales Volume in 2023 $75.8M
  • Parsippany-TroyHills, NJ Total Number of Office Sales Closed in 2023 4
A total of 4 deals closed on the Parsippany-TroyHills office market in 2023, adding up to a yearly sales volume of $75.8M. Notably, the largest transaction on the market saw Latitude - West Building change hands for $32,599,140 on 1/9/2023.
Data provided by Commercial Edge

Coworking Spaces in New Jersey

2023 Office Construction in Parsippany-TroyHills, NJ

Largest Office Properties Recently Completed in Parsippany-TroyHills
Office building Address SF Completed
Wyndham Worldwide 14 Sylvan Way, 07054 203,500 2013
8 Sylvan Way 8 Sylvan Way, 07054 176,062 2008
The Center of Morris County Phase II - 100 Kimball Drive 100 Kimball Drive, 07054 175,000 2008
Interpark Office Campus 100 IMS Drive, 07054 83,480 2008
50 Parsippany Road 50 Parsippany Road, 07054 50,535 2007
Crossroads Office Plaza 181 New Road, 07054 45,000 2004
The Center of Morris County Phase I - 300 Kimball Drive 300 Kimball Drive, 07054 400,147 2001
The Offices at Fox Hill 169 Lackawanna Avenue, 07054 256,000 2001
The Center of Morris County 200 Kimball Drive, 07054 175,000 2001
Parsippany Commons 3219 US Route 46, 07054 54,619 1991

Worth noting among recent office completions on the Parsippany-TroyHills market is Wyndham Worldwide, which is currently the largest new office development in the city, at 203,500 square feet.

Data provided by Commercial Edge

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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Parsippany-TroyHills commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.