If you are looking to rent office space in Modi’in Illit, you will be paying more, Ladaat report. According to the report, office space in the chareidi community increased 20% in the first half of 2009 as compared to the second half of 2008. This is an impressive statistic Ladaat explains since during the same time period, office space in Tel Aviv and Ramat Gan dropped 17%. During the first half of 2009, rents on stores in Modi’in Illit spiraled upward 40%.
Mayor R’ Yaakov Guterman explains the demand is evident, and a growing number of firms are seeking their place in the chareidi community. He warned that raising prices too much will have an adverse affect, explaining that some firms will decide to remain in Tel Aviv and Ramat Gan if the chareidi option becomes too expensive.
Pricing figures based on a survey published in The Marker.
(Yechiel Spira – YWN Israel)
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One Response
The Mayor is just greedy. The businesses here hardly manage to cover their costs and are closing all the time. More and more shops are run from homes and extensions built on to buildings as a cheaper alternative. There are shop fronts standing empty due to lack of demand and high rentals. If he would bring the cost down, there might be what to talk about.