Businesses across the Capital will need to be aware that their rating assessments are currently being re-valued with the new Rating List coming into force on 1st April 2017.
Click on the map to view business rate changes by London area or select an area from the dropdown.
The new rating list will come into force next year and the anticipated changes in business rates for this locality are set out below.
* April 2010 and April 2015 reflect Antecedent Valuation Date
The West End market comprises around 90 m sq ft of office stock and covers the area from Hammersmith in the west to Kingsway in the east, and Camden in the north to the River in the south.
The prime area for offices within the West End market is the Core (Mayfair / St James’s) where during the last cycle headline rents reached £110.00 per sq ft – the highest in the world at the time.
Offices in this core area tend to be smaller in size than in surrounding submarkets due to planning regulations restricting large-scale development, however much of the stock has been redeveloped behind retained facades and is of good quality.
When larger developments have been brought to the market, they have tended to perform well, generating competition amongst occupiers.
The occupier base in the West End Core ranges from multi-national corporate headquarters operations to niche financial businesses.
The Core has, in the past, attracted occupiers at the forefront of new business innovation from private equity in the late 1980’s, to dot.com businesses in the early 2000’s and more recently, hedge funds.
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The new Rating List will come into force on 1st April 2017 and this will herald changes to the level of business rates charged across the Capital. Our heat map reflects the anticipated impact businesses will face next year within each submarket.
Those with the strongest increases are in dark red and those in the lowest are in dark blue. By way of background, the rating lists are based on the rental market two years before the list comes into force.
The 2017 Rating List will reflect the changes in the rental market between April 2008 and April 2015.
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