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.

A

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CORPORATE GIFTS • AD SPECIALTIES • PREMIUMS

Dave McIntyre 8'
Bonnie Warren
Welcome you
back to

14,1 1,6,

fire

1r 4,61'
Niq1,1"

VISIT OUR NEW STORE

Clean • Fine Food New Owners

SUNDAY BIZUNCII 7 a.m. - I p.m. $20.00
Open 7 Days A Week!!!

1-75 to Exit 54 (Clay St) West of Clay to Oakland NI.. 4 Mks on loft

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Mill Floor

CO VER ING S
—.—.--.--
.
.
.

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-