PARSIPPANY, NJ-New research from Colliers International suggests that the New Jersey office market is stabilizing, although marked improvement is critically dependent on the pace of economic expansion. Until then, landlords are continuing to lower rents, albeit just slightly, and offer more concessions in advance of lease expirations. Some tenants have already capitalized on this by seeking upgrades to their existing space.

Meanwhile, a few large tenants are helping to stabilize the office market. Watson Pharmaceuticals Inc. is expanding in Parsippany to approximately 148,000 square feet, and BlackRock Inc., which at one point considered relocating from New Jersey, recently leased 141,375 square feet at 1 University Square Dr. in Princeton. In addition, chemical company BASF Corp. is building a new $100-million, 325,000-square-foot headquarters building in Florham Park.

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