Parsippany-TroyHills Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $28.99 2024 Avg. Asking Rent
  • 1.07% Y-o-Y Avg. Asking Rent Change
  • 27.89% 2024 Office Vacancy Rate
  • $78M2024 Total Office Sales
  • $118.85Avg. Sale Price/SF

Parsippany-TroyHills office price per square foot in 2024 was $28.99 on average. This marked a +1.07% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 27.89% across all asset classes combined. The 3 transactions that closed here throughout 2024 amounted to a total sale volume of $78M. Parsippany-TroyHills office space commanded an average sale price per square foot of $118.85.

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

Average Rent by Office Class

2024 Average Office Rent per Square Foot

  • New Jersey Class A & A+ Office Space$40.95
  • New Jersey Class B Office Space$28.64
  • New Jersey Class C Office Space$21.12

Parsippany-TroyHills, NJ Office Asking Rents by Class

2024 Office Vacancy Rates in Parsippany-TroyHills

Submarket Asking Rents Vacancy Rates
Parsippany $26.88 29.40%
Hanover $23.06 17.64%
Data provided by Yardi Research
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 27.89% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Parsippany-TroyHills was 17.64% in the Hanover submarket, while the highest office vacancy in the market was 29.40%, recorded in Parsippany.

Office Spaces for Rent in New Jersey

Parsippany-TroyHills Office Sale Price per SF

  • $118.852024 Avg. Price per SF
  • 27.43%Y-o-Y Avg. PpSF Change
  • $78M2024 Office Sales Volume
  • 32024 Number of Transactions

Parsippany-TroyHills, NJ Sale Price per SF Trend

  • Parsippany-TroyHills Avg. Sale Price per SF in 2024$118.85
  • New Jersey Avg. Sale Price per SF in 2024$104.86
Parsippany-TroyHills office space cost in 2024 marked a +27.43% change compared to the previous year. The sale price for office space in Parsippany-TroyHills averaged $118.85 per square foot in 2024, across all market subdivisions and asset classes. Conversely, the statewide New Jersey average office sale price during the same time period was $104.86 per square foot.

2024 Office Sales Volume

  • Parsippany-TroyHills, NJ Total Office Sales Volume in 2024 $78M
  • Parsippany-TroyHills, NJ Total Number of Office Sales Closed in 2024 3
A total of 3 deals closed on the Parsippany-TroyHills office market in 2024, adding up to a yearly sales volume of $78M. Notably, the largest transaction on the market saw Wyndham Hotels & Resorts Head Office - 22 Sylvan Way change hands for $47,950,000 on 12/6/2024.
Data provided by Yardi Research

Coworking Spaces in New Jersey

Largest Office Properties Recently Completed in Parsippany-TroyHills
Office building Address SF Completed
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
50 Parsippany Road 50 Parsippany Road, 07054 50,535 2007
The Center of Morris County Phase I - 300 Kimball Drive 300 Kimball Drive, 07054 400,147 2001
The Center of Morris County 200 Kimball Drive, 07054 175,000 2001
8.2± AC Redevelopment Opportunity Near NYC 11 Waterview Blvd, 07054 120,828 2001
Parsippany Commons 3219 US Route 46, 07054 54,619 1991
35 Waterview 35 Waterview Boulevard, 07054 172,498 1990
MCC Blue 400 Interpace Parkway, 07054 540,000 1988
Jefferson Halsey Center 399 Jefferson Road, 07054 190,000 1988

Worth noting among recent office completions on the Parsippany-TroyHills market is 8 Sylvan Way, which is currently the largest new office development in the city, at 176,062 square feet.

Data provided by Yardi Research

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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 2024 through December 31st 2024. Construction pipeline data represented herein is valid as of February 2025. The information on this page was compiled using data provided by Yardi Research Data, 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 Yardi Research Data can guarantee that the information provided is complete.