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An agreement between the Valuation Office Agency (VOA) and the consortium of City Rating agents (known as the G7) led by Jones Lang LaSalle has been reached that will see reductions to assessments in the 2005 Rating List for Grade A City offices of 5 percent between 01 April 2009 and 31 March 2010 to reflect market oversupply.
Oversupply appeals were made between December 2009 and March 2010 on the grounds of a material change in circumstance. Discussions between the VOA and the agents consortium commenced in May 2010 and were concluded on Friday 17 August 2012.
The matters to be considered at the AVD include general economic conditions, interest and inflation rates and rental levels relating to the hereditatments in question.
During the relevant period over 12 million sq ft of new grade A space was created through the construction of new buildings and refurbishment of existing buildings. It proved to be very difficult to establish the level of vacant stock over the relevant period. The availability of stock is documented by all the main market commentators and this remained broadly flat however availability includes space that may be occupied and does not capture ‘grey space’ (vacant but not available in the market) held by many companies since the recession started.
The G7 was formed ahead of the 1990 Rating Revaluation to coordinate matters of mutual interest between City Rating agents and the VOA. The original composition was Jones Lang Wootton, St Quintin, Richard Ellis, DTZ, Hillier Parker, Matthews & Goodman and Dron & Wright and now comprises:
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