Owner guide · Calculator
Convert NNN, Modified Gross and Full-Service Rent
Industrial and retail rents in New Jersey are usually quoted NNN: the tenant pays taxes, insurance and maintenance on top. Office is often quoted full service, with those costs inside the rent. This calculator puts both on the same footing so you can compare offers. You enter the expenses. We do not invent them.
Rent converter
Enter a quote and the expenses you know. The formulas are shown under the results. Nothing you type is sent anywhere.
There is no published industrial or retail expense default in this tool. Enter taxes, insurance and CAM from your bills or budget.
Enter taxes, insurance and CAM to see a gross-equivalent rent. On a NNN quote the net stays equal to the base rent until you add any costs the landlord still pays.
How the conversion works
Add up the expenses you entered: opex = taxes + insurance + CAM (all in dollars per square foot per year).
If the quote is NNN: the tenant already pays those expenses. Net to the landlord from the rent ≈ NNN rent. Gross-equivalent rent = NNN rent + opex.
If the quote is full service / gross: the landlord pays those expenses out of the rent. Net-equivalent rent = full-service rent − opex. Gross-equivalent rent is the quote itself.
If the quote is modified gross: subtract the expenses that are included in the rent to get a net figure, and add the expenses the tenant still pays to get a gross-equivalent figure. The lease, not a rule of thumb, decides the split.
Annual amounts are the per-square-foot figures times the space you entered. This is arithmetic on your inputs, not a market rent opinion and not tax or legal advice.
Labeled examples
Fairfield industrial
This example uses a 50,000 SF warehouse in Fairfield and a Newmark 3Q 2026 average asking rent of $15.95/SF/year NNN for the Route 280 / Suburban Essex industrial submarket. That is a published submarket average, not a rent for a specific building. Other firms’ published asking rents for this area in the same period range from $14.53 to $18.65/SF NNN (Cushman & Wakefield Q2 2026, Blauberg 1Q and 3Q 2026, Savills Q3 2026, NAI James E. Hanson 2Q 2026). Use the buttons above to load it. Taxes, insurance and CAM are left blank on purpose: there is no published industrial expense default here, so you enter those from your bills. The 2022 BOMA figure is for office, not warehouse space.
Parsippany office
This example uses 20,000 SF of office in Parsippany and a Newmark 3Q 2026 full-service asking rent of $29.06/SF/year for the Parsippany / Route 10 office submarket, again a submarket average, not a specific building. The operating-expense starting point is $8.94/SF/year from the 2022 BOMA/New Jersey office market study. That study is four years old; replace it with your actual expenses. NAI’s office reports often cover buildings of 30,000 SF and up, so a smaller building may not match those asking rents.
Owner questions
What is a NNN lease?
On a triple-net (NNN) lease the tenant pays taxes, insurance and common-area maintenance (CAM) on top of the base rent. The landlord’s net from the rent is close to the quoted NNN figure, aside from vacancy and any costs the landlord still pays.
What is full-service or gross rent?
A full-service (gross) quote includes taxes, insurance and operating expenses in the rent. The landlord pays those costs out of the rent, so the net is the quoted rent minus those expenses. Office space in northern New Jersey is often quoted this way.
What is modified gross?
Modified gross means some expenses are inside the rent and some are paid by the tenant. The split is a matter of the lease, not a single market rule, so this tool lets you check which of taxes, insurance and CAM are included in the quote.
Where do I get taxes, insurance and CAM figures?
Use your tax bill (or last year’s tax on the NJ tax record), your insurance premium, and your maintenance or CAM budget. This tool does not invent those numbers. For office only, you may start from the 2022 BOMA/New Jersey average operating expense and then replace it with your own.
Does this tell me what my building should rent for?
No. It only converts a quote you enter so NNN and gross offers can be compared on the same footing. For a sourced market range, see the commercial property value calculator.
Sources
Newmark, Northern/Central New Jersey Industrial Market Report 3Q26, Route 280 / Suburban Essex average asking rent $15.95/SF/year NNN: report PDF.
Newmark, Northern/Central New Jersey Office Market Report 3Q26, Parsippany / Route 10 total asking rent $29.06/SF/year full service: report PDF.
Other West Essex industrial asking rents cited above: Cushman & Wakefield, New Jersey Industrial MarketBeat Q2 2026; Blauberg Group 1Q and 3Q 2026; Savills, Market in Minutes: Northern New Jersey Industrial Q3 2026; NAI James E. Hanson 2Q 2026 Industrial Report — all already sourced on the AcreX value calculator.
BOMA International, 2022 Office Market Study (BOMA/New Jersey), operating expense $8.94/SF/year: study PDF.