Commercial Real Estate Market in Parsippany, NJ
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
71 active listings and 481 off-market properties in Parsippany, NJ. Commercial property asks $254/SF to buy and $20.76/SF/Yr to lease.
Market Trends
Parsippany, NJ spans 13.8 square miles in Morris County, New Jersey. Figures below refresh monthly; last updated 31 August 2026.
Office
Office space in Parsippany, NJ asks $200/SF to buy. Vacancy runs 19.9% across the Northeast region in 2025, up from 13.1% in 2019.
Average Sale Price $/SF
Listings
Vacancy Rate % in Northeast region
Retail
Retail space in Parsippany, NJ asks $325/SF to buy. Vacancy runs 6% across the Northeast region in 2025, little changed from 6% in 2019. Down from a 2020 peak of 7.1%.
Average Sale Price $/SF
Listings
Vacancy Rate % in Northeast region
Industrial
Industrial vacancy in Parsippany, NJ runs 7.6% across the Northeast region in 2025, up from 5.4% in 2019. Nearly 2.4x the 2021 low of 3.2%.
Vacancy Rate % in Northeast region
Multifamily
Multifamily vacancy in Parsippany, NJ runs 5.6% across the Northeast region in 2025, up from 4% in 2022.
Vacancy Rate % in Northeast region
Market overview
Demographics & Economy
Parsippany, NJ has 30,228 residents in 12,497 households. Density runs 2,186 people per square mile. Median household income here is $107,955 and median gross rent $1,725 a month.
30,228
Population
12,497
Households
2.4
Avg Household Size
41
Median Age
61%
College-Educated
93%
High-School Grad
13.8 sq mi
ZIP Area
2,186
Density / Sq Mi
$107,955
Median Household Income
$69,061
Median Earnings
$1,725
Median Rent
$569,000
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Whippany | — | — |
| Mountain Lakes | — | — |
| Tabor | — | — |
| Cedar Knolls | — | — |
Commercial property in Parsippany, NJ asks $254/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Parsippany?
Commercial property in Parsippany, NJ asks an average of $254 per square foot. The 7 most recent recorded sales traded at a median of $195/SF, so asking sits 30% above the achieved median. Retail carries the highest asking price at $325/SF.
How much does it cost to lease commercial space in Parsippany?
Asking lease rates in Parsippany, NJ average $20.76 per square foot per year.
Where does Realmo's Parsippany market data come from?
Realmo compiles Parsippany, NJ figures from 8 recent recorded sales, 10 active sale listings, 61 active lease listings, 481 tracked off-market properties. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 10 active for-sale and 61 active for-lease listings in Parsippany, NJ. These are ASKING figures from live listings, not closed-transaction prices, and a segment carried by a handful of listings reads as indicative rather than an average.
- Vacancy rates
- Published per-sector market series, taken at the metro level where one exists and otherwise at the Census-region level — a chart reading "in <region> region" is a regional number, not this city's.
- Refresh
- The monthly aggregates close at the end of the previous month, so 31 August 2026 — not today — is the honest last update.
- Known limitations
- office vacancy is reported at Northeast region level, retail vacancy is reported at Northeast region level and industrial vacancy is reported at Northeast region level.
- Coverage
- Metrics below the 10-observation threshold fall back one geographic level. The geography used is named on each figure.
Compiled by the Realmo Data team · reviewed 31 August 2026 · report a data issue
