85% of the space in the shopping center has been leased in the past at an average of $34 per sq.m. per month.
Empty space in the Weizmann shopping center, on Weizman St. in northern Tel Aviv, will be leased at $23 per sq.m. per month, according to Ocif Investments and Development (TASE: OCIF), which owns the property. The shopping center has 5,400 sq.m., 800 sq.m. of which has not been leased. The $23 per sq.m. per month estimated rent is cited in the company’s price list, and will probably serve as the basis for negotiations with potential tenants.
The estimated price is 32% less than the rents demanded for commercial properties in northern Tel Aviv, including the Weizmann Center. Ocif has leased 4,600 sq.m. at an average of $34 per sq.m. per month. The effective rent is probably higher, because leases include a turnover clause, usually 7% (Super-Sol and Super-Pharm pay less).
Published by Globes [online] - www.globes.co.il - on September 5, 2004