Historical Property Rates

Forums › Off topic › Historical Property Rates

networkn

Networkn
32862 posts

Uber Geek
+1 received by user: 15453

ID Verified

Trusted

Lifetime subscriber

#274529 27-Aug-2020 11:30

Our commercial landlord has just asked for a ~40% rent increase. He states it's because rates for the property have rocketed as have insurance rates.

I called the council who said they don't publish prior years rates, is there any other way we can get these or a list of increases over the past 6 years?

Cheers

BlinkyBill

1443 posts

Uber Geek
+1 received by user: 1100
Inactive user

#2550583 27-Aug-2020 11:40

Why can’t you just ask the landlord to evidence the rates increase? But anecdotally the rates and insurance charge on each of my properties would have doubled at least over the last 6 years. I have non-commercial property in Wellington, Hawkes Bay and Otago.

networkn

Networkn
32862 posts

Uber Geek
+1 received by user: 15453

ID Verified

Trusted

Lifetime subscriber

#2550723 27-Aug-2020 14:51

Crisis has been averted thank God. Mods can close or lock this, unless someone does have that information, just out of interest.

Handle9

11924 posts

Uber Geek
+1 received by user: 9675

Trusted

Lifetime subscriber

#2550734 27-Aug-2020 15:01

Did your landlord come to his senses and decide that retaining a tenant was a good idea?

networkn

Networkn
32862 posts

Uber Geek
+1 received by user: 15453

ID Verified

Trusted

Lifetime subscriber

#2550739 27-Aug-2020 15:11

Handle9: Did your landlord come to his senses and decide that retaining a tenant was a good idea?

Yes, thankfully. We did end up with a rental increase, probably higher than we would have liked, but it's still good value and right now I don't have the time or energy to move offices :)

DjShadow

4222 posts

Uber Geek
+1 received by user: 1322

ID Verified

Trusted

Subscriber

#2550749 27-Aug-2020 15:30

Most city/district councils have publicly available rates information available on their websites and may include historical values

Handle9

11924 posts

Uber Geek
+1 received by user: 9675

Trusted

Lifetime subscriber

#2550750 27-Aug-2020 15:31

networkn:

Handle9: Did your landlord come to his senses and decide that retaining a tenant was a good idea?

Yes, thankfully. We did end up with a rental increase, probably higher than we would have liked, but it's still good value and right now I don't have the time or energy to move offices :)

If both sides didn't quite get what they wanted it's usually a reasonably fair deal. I can imagine the drama of moving at the moment.

Geekzone support

Support Geekzone with one-off or recurring donations Donate via PressPatron.

timmmay

20858 posts

Uber Geek
+1 received by user: 5350

Trusted

Lifetime subscriber

#2550764 27-Aug-2020 15:52

With more people working from home I suspect there will be a surplus of office space going cheap soon. I have moved to working 80% in the office to working 90% from home, for example, so our team needs about 1/3 the space we did before.

networkn

Networkn
32862 posts

Uber Geek
+1 received by user: 15453

ID Verified

Trusted

Lifetime subscriber

#2550781 27-Aug-2020 16:21

timmmay:

With more people working from home I suspect there will be a surplus of office space going cheap soon. I have moved to working 80% in the office to working 90% from home, for example, so our team needs about 1/3 the space we did before.

For institutional property managers, they appear to be somewhat less worried if a portion of their property isn't leased. I guess tax write offs etc.. Esp if there isn't a debt owing on it.

I am just grateful to not have to add an office move to what is already pretty challenging time.

Handle9

11924 posts

Uber Geek
+1 received by user: 9675

Trusted

Lifetime subscriber

#2550786 27-Aug-2020 16:40

networkn:
timmmay:

With more people working from home I suspect there will be a surplus of office space going cheap soon. I have moved to working 80% in the office to working 90% from home, for example, so our team needs about 1/3 the space we did before.

For institutional property managers, they appear to be somewhat less worried if a portion of their property isn't leased. I guess tax write offs etc.. Esp if there isn't a debt owing on it.

I am just grateful to not have to add an office move to what is already pretty challenging time.

The institutional guys are usually less concerned with individual tenants than setting precedents that other tenants can use to demand rent reductions. The way banks lend on commercial property is also very different to residential property, the amount that can be borrowed is usually tied to rental terms and rent levels.

networkn

Networkn
32862 posts

Uber Geek
+1 received by user: 15453

ID Verified

Trusted

Lifetime subscriber

#2551122 28-Aug-2020 09:21

Yeah, probably not fair to classify my LL as that then. We are paying below market price, so it's fair enough he asks the question. In the end, it was settled for a reasonable price which is all you can ask.

In 22 Years of leasing buildings, he is easily the best and easiest to deal with, it was just the shock of his opening gambit and the reality of trying to find something else on short notice with so much else going on.