Rent rate com­par­i­son

Port Douglas & Mossman Gazette - - NEWS -

BUSI­NESSES in Macrossan St are on av­er­age pay­ing a lit­tle less per square me­tre than Man­hat­tan in the US, Frank­furt in Ger­many, Sin­ga­pore or Sydney.

But they could pick up a bar­gain in Mel­bourne and Perth by com­par­i­son or get twice the floorspace in Auck­land or Bangkok for the same price on av­er­age.

Moss­man by com­par­i­son is around onethird of the price for com­mer­cial rental real es­tate on av­er­age.

Fig­ures used by the New South Wales Govern­ment’s Trade and In­vest­ment unit show the av­er­age com­mer­cial rental price per square kilo­me­tre.

While an ex­act av­er­age per square me­tre of com­mer­cial rental space is dif­fi­cult to de­ter­mine, the Gazette has spo­ken to dozens of busi­ness own­ers, land­lords and prop­erty man­agers in re­cent months to try and quan­tify an av­er­age amount.

Although some stake­hold­ers claim the $650sq m fig­ure for com­mer­cial rental real es­tate in Macrossan St as far too high, there are also ex­am­ples of busi­nesses pay­ing up to $1000sq m and the amount quoted seems to be the close enough to an av­er­age as can be ob­tained.

Port Dou­glas land­lords are un­doubt­edly be­gin­ning the meet the mar­ket in com­mer­cial leases af­ter a few tough years but in­di­ca­tions are they are go­ing to have to con­tinue to make con­ces­sions or face the prospect of empty shops.

This is likely to force some land­lords to the wall fi­nan­cially, which ac­cord­ing to sev­eral sources would re­sult in cheaper rental prices for busi­nesses in the long-term as new in­vestors snap up prop­er­ties for a rel­a­tive bar­gain.

The fact is there are no win­ners in such tough trad­ing cir­cum­stances but th­ese fig­ures might put in con­text where the town is sit­u­ated in a global con­text.

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