Converting offices to residential can help solve real estate crisis
Ramat Gan is the first municipality to allow for the integration of residential apartments in office complexes
By JERUSALEM POST STAFFUpdated: NOVEMBER 8, 2020 16:17Real estate market(photo credit: Courtesy)
In response to the lockdown and the likely harm it will cause to commercial real estate, the government should approve the conversion of office towers to residential spaces, according to Jacky Mukmel, chairman of CBRE Israel, a commercial real-estate services and investment organization.“Due to the massive construction of office towers with about 3,500,000 sq.m. (existing buildings and buildings under construction) of office space in the Tel Aviv and Center areas, the authorities must approve a conversion of at least 1,000,000 sq.m. to residential space,” he said. “In the vacant office complexes, residential units will be established, which also combine employment opportunities, especially [for] doctors, beauty salons, art galleries, marketing, sales consultants and more.”Ramat Gan is the first municipality to allow for the integration of residential apartments in office complexes, which it did in the vicinity of the stock exchange.
