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.
Average Rent by Office Class
2023 Average Office Rent per Square Foot
- Parsippany-TroyHills Class A & A+ Office Space$31.46
- Parsippany-TroyHills Class B Office Space$24.02
- 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% |
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
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
Coworking Spaces in New Jersey
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2023 Office Construction in Parsippany-TroyHills, NJ
Office building | Address | SF | Completed |
---|---|---|---|
Wyndham Worldwide | 14 Sylvan Way, 07054 | 203,500 | 2013 |
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 |
Latitude - West Building | 369 Interpace Pkwy, 07054 | 350,917 | 2000 |
Latitude - East Building | 389 Interpace Pkwy, 07054 | 345,218 | 1999 |
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.
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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.