Aberdeen was the biggest loser in last week’s business rates revaluation. A booming oil economy has fuelled demand for property in the Granite city, with rates in its office market set to rise by 55% and by nearly a third in the industrial market, according to research by BNP Paribas Real Estate.
Government’s decision to delay the 2013 revaluation, which should have come into force on 1 April this year, has meant eight markets across six cities are set to suffer as two years’ extra rental growth have pushed up the rateable value.
Leeds retail is the biggest winner, with rates due to drop by 40%. Southampton is the only retail market likely to see rates rise, with a 5% hike.
