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News Release

London

Jones Lang LaSalle Comment on Draft 2010 Business Rating List


London, 1st October 2009 – Business rating revaluations take place every five years and the 2010 revaluation comes into force on 1 April 2010. Earlier today, 1 October 2009, details of new rating assessments for England and Wales were published on the Valuation Office Agency’s (VOA) website (www.voa.gov.uk/2010) and over the next few weeks the VOA will send individual summary valuations to each property.

Commenting on the new assessments, Tim Beattie, Head of Jones Lang LaSalle’s Rating Team said: “The increases for offices in central London are broadly in line with our research paper published in November last year, as a result of which office occupiers in Central London, especially in the West End, will be faced with increased rate bills from next April. Whilst these large increases in rate liability will be cushioned by transitional relief there are real concerns that the proposed limits do not go far enough in the current economic climate and state of the property market.”

He continued: “However, there is good news for many retailers and occupiers of industrial and warehouse properties across the country that will benefit from modest increases or even reductions.”

“Whilst some of the changes to assessments may reduce rate liabilities, given the damaging effect of the recession on property values, I would still recommend that business contact a rating advisor to discuss the merits of appealing their new assessments.”