AUDETTE
2-1 Month Lease
Brand New 1997 Sedan DeVille
When Sky's The Limit,
The Freeze Is On
The Shalom Project's 17-floor deal with Bezeq
looms above an otherwise plunging Israeli office
market.
GALIT LIPKIS BECK SPECIAL TO THE JEWISH NEWS
ow many times have you
heard that Tel Aviv's sky-
line is about to change?
That the Kirya, Netivei
Ayalon and Sderot Rothschild
districts will be filled up with sky-
scrapers? So, where are all the
new office buildings?
Like the housing market, the
Israeli office market is suffering
from a slowdown in sales and a
drop in the number of long-term
rental contracts. Developers have
plans to build prestigious office
buildings of 20-30 stories all over
Tel Aviv, but for the time being
they are freezing their plans in
hope that demand will pick up.
For example, work on the Ru-
binstein Tower complex of office
blocks, which is under construc-
tion near the old Central Bus
Station, is moving along slowly.
Similarly, Israel Chemicals is not
progressing with its plans to
H
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Northstar V8, ChrOme Wheels & Leather.
7100 ORCHARD LAKE RD • WEST BLOOMFIELD • (810) 851-7200
'24 mos. lease, based on MSRP of S39,865. Option to purchase at lease end for predetermined price. Mileage charge of 15c per mile over 24,000 miles. Lessee re-
sponsible for excess wear & tear, 1st, sec. deposit, plus taxes & title. GMAC must approve lease.
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Dave McIntyre 8'
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Welcome you
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VISIT OUR NEW STORE
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Mill Floor
CO VER ING S
—.—.--.--
.
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1-3 13 —87F- 9707
Mon., Thurs., Fri. 9-9
Tues., Wed. 9-6
Sat. 9-5
Sun. 12-5
(810) 738-6554
2380 Orchard Lake Road
just E of Loading Dock Plaza, Sylvan Lake
build a large office complex in the
Kirya area, and Moshe Aviv has
frozen plans to build a complex
in Ramat Gan. There are vir-
tually no transactions according
to Izhak Hibsh, head of Reshef
Properties office division. This is
mainly due to hardships in ob-
taining financing from the banks,
the uncertain political and secu-
rity situation and also the pub-
lic's expectations that prices will
fall.
"Developers are trying to sell
and rent office property which
will only be ready in two years.
There is a feeling that prices will
be cheaper by next year," says
Mr. Hibsh, explaining that peo-
ple believe contractors will be
more pressured to push down
prices in the future.
One of the few impressive
transactions reached during the
last few months is Bezeq's sign-