Examines the effects of non‐domestic rates on rental values, and investigates whether a differing rate poundage between two otherwise comparable areas will result in a rental value differential between those areas. Presents the phenomenon as tested in relation to two office markets around midtown London, UK. Shows that while rental values in the first market were lower, the difference was not sufficient to compensate for the difference in rates. Concludes that the property market does not have a sufficiently perfect pricing mechanism.
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