Commercial risers:

- Sylvia Park Mall: 2017 $730m, 2014 $535m
- Events Cinemas Queen St: 2017 $42m, 2014 $28m
- Servcorp - Vero Tower: 2017 $460m, 2014 $305m
- PwC Tower: 2017 $360m, 2014 $253m
- Occidental Tavern: 2017: $7.6m, 2014 $5.1m
- St Lukes Mall: 2017 $470m, 2014 $425m

Auckland's commercial property owners have seen their rateable values soar in the past three years - which could mean rent hikes for many businesses.

Like residential properties, new council rateable values for commercial property were published today.


Auckland Council figures for commercial and industrial properties show values have risen by an average of 43 percent and 47 percent respectively.

The most expensive commercial property is Auckland Airport, valued at $2.26 billion.

The most immediate impact of the new commercial valuations was that the tenants of properties could see higher rates flow through to them, said Property Council spokesman Matt Paterson.

"It's more meaningful in Auckland to the tenants, because of the number of leases, where they will pass on the costs of utilities and rates."

In terms of the actual value, most of the owners with multiple commercial properties were regularly getting independent valuations anyway, he said.

That was done annually and sometimes every six months so the owners already had a good sense of the current market value.

"It's a requirement under financial market regulations for listed property companies and trusts," he said.

The banks also generally required some independent valuation for commercial property and didn't rely on council valuations.


"There will be a subset of commercial property owners, who might only own one or two buildings, for them it will give a bit of a sense of where the market's going," he said.

Chris Gudgeon, chief executive of one of Auckland's largest commercial property owner, Kiwi Income Property, said council revaluations typically tended to be quite conservative.

But if there were any that looked unreasonable they had the right to challenge them - and occasionally did.

Kiwi - which owns the Sylvia Park shopping mall - revalues its portfolio each year at March 31.

Gudgeon said the council included those valuations in the mix of its own estimates.

Sylvia Park's value leapt from $535m in 2014 to $730m, in the council revaluations.

Bayleys Real Estate managing director Mike Bayley said the increases in value did not mean rates would go up by the same percentage.

''It is a past reflection of where we have been and not where we are going.''

The impact on rates would not become clear until mid-next year when the council issues the final figure that is based its 10-year budget and mix of funding options to meet costs of new infrastructure, he said.

Commercial and industrial property had been buoyed by a strong economy during the the past three years that enabled business expansion, employment growth, and higher commercial and industrial occupancy rates.