Tel Aviv, Ra anana office rents worst hit by Covid
Office and commercial rents further afield have been less hurt by the crisis because there is lower supply.
Tel Aviv s Ramat HaHayal and Ra anana have been worst hit by the fall in rental for office space in Israel since the start of the Covid-19 pandemic, according to a report by Natam on income producing property. The report, which compares income producing property rents in the first half of 2020, with the second half of the year, found wide gaps between different parts of the country, with relatively peripheral areas hardly affected.
Natam found that office rents per square meter in Ramat Hahayal and Ra anana fell 8.8% in the second half of 2020 compared with the first half. Rents fell by 8.5% in the Ramat Diamond Exchange district and by 6.7% along Tel Aviv Yigal Alon Street in the heart of the city s office district. Rents fell 6% in Netanya-Poleg, 4.2% in City-Ramat Gan, 4% in Bnei Brak, 2.7% in Herzliya Pituah, 1% in Modi