A mass-market appraisal of the English commercial rental market using Machine Learning

A mass-market appraisal of the English commercial rental market using Machine Learning

Using Whythawk data which contains information about commercial properties in England and Wales, this study will use a range of machine learning techniques to predict the rents and values of commercial properties. This study will use a large volume of data containing both the attributes of commercial property and other information about the location, environment and accessibility of the property. The work will employ existing methodology described in Clark and Lomax (2018) who conducted a mass appraisal of the residential rental market in England and Wales and will adapt this to produce new insight into commercial property.

Machine-learning methodologies will be employed for mass-market appraisal of commercial rateable value. Mass market appraisal is the valuation of properties at a given time, and is required to ensure each property makes the appropriate tax contribution. This work will aid property professionals and businesses wishing to understand the local market. Further, we expect to better understand the businesses who use and occupy these spaces and provide insight into how property values interact with other aspects of the environment. The outputs will likely include an academic paper focused on methodology employed, data visualisations and CDRC data products.