Rent rate comparison
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.
What are your thoughts? Email the Gazette at firstname.lastname@example.org or find us on facebook.