In light of the decline in activity in malls, mall owners will have to reduce rents by about 15% on average, CBRE Israel head Jacky Mukmel said.
By JERUSALEM POST STAFFInside Jerusalem's Azrieli Malcha Mall(photo credit: WIKIMEDIA COMMONS/יהודית גרעין-כל)
About 30% of the fashion and footwear shops in malls will be converted in the next five years to co-work offices, hotels, car agencies, restaurants, cinemas, children’s complexes, gyms, supermarkets and more, market research conducted by CBRE Israel on the mall industry found.In light of the decline in activity in malls, mall owners will have to reduce rents by about 15% on average, CBRE Israel head Jacky Mukmel said.The CBRE Israel study also showed that neighborhood malls/commercial complexes will not be affected by the decline in activity.Average rent in neighborhood malls is about NIS 150 per sq.m., compared to NIS 300 per sq.m. in large malls.
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