The 2023 Rating Revaluation comes into effect on 1 April 2023 and significant increases in the rates paid on logistics and warehousing are expected as consequence of this.
Business rates that occupiers pay under the current 2017 Rating Revaluation are based upon rental values as at the valuation date of 1 April 2015. For the forthcoming 2023 Rating Revaluation, the new valuation date will be 1 April 2021. Between the valuation dates for the 2017 and 2023 Lists there have been significant increases in rental values of logistics and warehousing, with a 20% average increase in rents nationally and in some locations average rental increases of up to 45%. Rental increases on certain types of property in certain locations, especially some in Central London, have been markedly higher with over a doubling of rents over this period.
For more information on potential rate increases in the industrial & logistics sector, read our briefing note or contact one of our team.