Peter Foley is our resident guru here at CPA, and has been passionately following the shifting world of business rates for many years. With a keen political insight, Peter’s writing reveals how policy change is key to understanding your business rates further, and how this could translate into substantial savings. In his weekly column, Peter also outlines a desired path forward, with changes we’d like to see implemented for a fairer system on the nation's business rates.
Revalued office rateable values are clearly out of sync with market realities, according to Commercial Property Advisors (CPA). Recent data from BNP Paribas reveals a significant 17% fall in London office values within just twelve months. One example that has caught the attention of many is Meta, the owner of Facebook, who paid £149 million to break a lease at a Regent's Park office block before even moving in.
Currently, business rates are still based on optimistic forecasts of secure rental values and a healthy tax take. However, CPA, a leading commercial rates consultant, believes that true values should be determined by comprehensive surveys conducted in the present-day reality. This includes taking into account surplus space resulting from remote working and falling stock market real estate values.
In light of these circumstances, it's imperative for office owners and tenants alike to consider belt-tightening measures for business rates. This can be achieved through forensically detailed analyses and, if warranted, formal challenges to the Valuation Agency. CPA is dedicated to securing financial outcomes that benefit its clients, with fees agreed in advance and full transparency. The potential savings are substantial and will continue to provide ongoing returns.
CPA offers RICS-regulated surveys at no cost, and all correspondence with the Valuation Agency is undertaken free of charge. We welcome the opportunity to provide free, no-obligation advice and assistance to office managers, whether they are owners or tenants, in order to bring rates back to reality.
Navigating the complexities of business rates can be challenging, especially with recent changes in the landscape. It's intriguing how the principles guiding the latest rating revaluation can have such diverse effects on businesses. While some sectors have thrived, others, like high street retail and hospitality, have faced challenges.
At the heart of it all, the Government aims to maintain its revenue while reflecting the evolving business landscape. But for those facing higher rates or struggling to meet new energy standards, there's a solution. Commercial Property Advisors (CPA) offers a forensically-researched approach, led by our team of RICS-regulated surveyors.
Our success stories of winning substantial revaluations for businesses across the nation speak for themselves. With CPA, there are no upfront costs—just a fair commission on successful challenges. Your business rates matter, and we're here to help ease the burden. Reach out to CPA today for expert guidance and assistance.