In late 2019 two major announcements were made in connection to the development of office buildings in the Burse (Diamond Exchange) area of Ramat-Gan.

In September, The Migdal Insurance Company purchased a plot of land directly behind the Shenker Art School building for 325M NIS. The plot has been reportedly zoned for 50 floors and approximately 60,000 square meters of offices and retail space.

The Migdal Insurance Company purchased a plot of land directly behind the Shenker Art School building in the photograph above for 325M NIS. The plot has been reportedly zoned for 50 floors and approximately 60,000 square meters of offices and retail space.

Approximately a month later, it was announced that the gas station pictured above has been zoned for a 55-floor building. The new Bass Tower received approval for 60,600 square meters of offices and 600 square meters of commercial space.

Additionally, the city of Ramat-Gan announced that approval was given to build three buildings of 120, 88 and 77 floors in the Burse complex on the other side of Jabotinsky Street.

All this development is coming within close proximity to the construction of the 100-floor MIgdal Bein Arim at the Tel Aviv, Ramat gan and Givatayim border and some have raised concerns that the area may be at risk for overdevelopment.

The contents of this article are designed to provide the reader with general information and not to serve as professional advice. Readers are advised to obtain advice from qualified professionals prior to entering into any transaction.

david rabhanNovember 25, 2019

Additionally, the city of Ramat-Gan announced that approval was given for the construction of three buildings of 120, 88, and 77 floors in the Burse complex on the opposite side of Jabotinsky Street.

These developments are within close proximity to the construction of the 100-floor Migdal Bein Arim at the border of Tel Aviv, Ramat-Gan and Givatayim, and the twin 80-floor Tidhar office buildings. Some observers have raised concerns that the area may be at risk for overdevelopment, especially in light of the 2020/21 COVID experience.

Other observers have commented that the development of all these projects will put significant pressure on smaller and older office buildings in the Ramat-Gan area as tenants will gravitate to the newer complexes. They downplay the effects of Corona on the long-term commercial market because “people will always need a place to work.”

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In late 2019 two major announcements were made in connection to the development of office buildings in the Burse (Diamond Exchange) area of Ramat-Gan.

In September, The Migdal Insurance Company purchased a plot of land directly behind the Shenker Art School building for 325M NIS. The plot has been reportedly zoned for 50 floors and approximately 60,000 square meters of offices and retail space.