You can create a subset in the workspace. This holds the advantage that you save your subset as an additional project. To create a subset in the workspace please do the following:

1. In the top tool bar, select the "Data Management Layout"

2. Select the “Define Rectangular Subset” tool or "Define Polygon Subset"  tool

3. Create your subset by drawing the shape of the outline

4. Right-click and select “Save Subset to Workspace” Enjoy!

Please note that you can still right click on a project while in Workspace view and click "Open Subset", and this will bring up a window which is vey similar to the old project subset selection tool from before version 10.2.0.