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נושא המאמר: Urban focal points and design quality influence rents: The case of the Tel Aviv office market
מאת: daniel gat   שמור מאמר למועדפים

Urban focal points and design quality influence rents: The case of the Tel Aviv office market
Journal of Real Estate Research, The, 1998 by Gat, DanielE-mail Print Link << Page 1 Continued from page 1. Previous | Next
Kirya

Kirya is located to the north east of the City and is an agglomeration of government and defense-related office activities. Religious Christian-Germans who named it Sarona after the biblical site of Sharon originally settled the area. The German colonists were expelled at the outbreak of World War II by the British who then controlled Palestine. When the British mandate expired in 1948, the Sarona district was taken over by the new Israeli authorities that still make use of it.

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ARTICLES Around this focal point of civilian and defense high administration, there grew several generations of commercial office clusters. The district's early vintage offices are obsolete given today's standards, but they continue to be used, due to their advantageous location. Moreover, new and modern facilities are going up fast. Location has been enhanced over time due to improvements in the near by Ayalon Expressway, a major beltway serving Gush Dan. The Ayalon is also accessible to the third office focus discussed below.

Diamond Exchange

At the north westerly tip of the adjacent town of Ramat Gan, but not too far from Kirya, there began to develop in the early 1950s a diamond cutting and polishing district. This industry based itself on the skills of Western European-Jewish refugees who practiced raw diamond processing before World War Two in the Low Countries. As the fledgling industry and district prospered and grew, there arose a need for a convenient and secure trading space. In 1956, the diamond exchange building, a high rise opened its doors for business and became an instant success. It spawned the creation of more office space, much of which is not even remotely related to the diamond trade. The area gained in prestige and its accessibility has improved markedly with progress in highway construction. Like Kirya, it is also in close proximity to the Ayalon beltway. This office district, though just outside of Tel Aviv's municipal boundary, is definitely part of the regional CBD. It is currently undergoing continuous development, with plans for a fifty-floor office building just recently announced. (Maps detailing the clusters of landmark office buildings in the CBD, their locations, dates of opening, floor area and market rental rates are available from the author.)

Other Office Clusters

Alongside the big three foci, other smaller office clusters developed. Some, such as the City Hall office cluster, are extensions of and within walking distance from the major three foci. Others are more isolated.

A Theory of Tel Aviv Office Market Hedonics

The factors most likely to influence office user utility anywhere, hence office rents are: (1) ease of transacting face-to-face business; (2) quality of physical amenities; (3) quality of address; and (4) metropolitan access. This section attempts to formulate a Tel Aviv specific theory, leaning on these four corner stones.