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 rates hikes for many local businesses.

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

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 owners 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 valutaions in the mix of its own estimates.

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

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