How APRIQ reads commercial evidence

APRIQ Commercial is in public preview. Coverage and method are published; no commercial figure series is.

Five classes of evidence

Every commercial figure carries one, and a lower class never presents as a higher one.

• Observed — APRIQ retrieved and read the primary artefact itself.
• Reported — a secondary source states it: an agency page, a market report, a news item.
• Authoritative — a body accountable for the record says so: a registry, a regulator, a company filing.
• Inferred — derived from other evidence by a stated rule. Not measured.
• Modelled — produced by a model. Never presentable as any of the above.

What the contract refuses

• An asking rent presented as an achieved rent. Asking rents hold while deals are done below them, so mixing them shows a flat market through a correction.
• A rent whose basis was not stated presented as gross or net. Outgoings run 15–25% of net on industrial property, so converting silence into either invents about a year of rental growth.
• An advertised-vacancy proxy presented as total vacancy. Space nobody advertised is invisible to it, and the gap is largest when the market is tightest.
• A modelled yield presented as observed — a number APRIQ computed, presented as one APRIQ saw.
• A sold or leased marketing claim presented as a verified transaction without a second independent source.
• A point estimate where the evidence supports only a range.

What APRIQ Commercial does not do

Effective rent and lease incentives are outside APRIQ’s scope by decision, not by oversight and not as unbuilt work waiting for data. APRIQ does not report or model rent-free periods, fit-out contributions, cash incentives, incentive percentages, effective rents, or incentive-adjusted yields and valuations.

What remains is enough to describe a commercial rent honestly: asking rent, reported achieved rent where publicly disclosed, annual rent and rent per square metre, gross or net where the publisher states it, outgoings where disclosed, net passing income, and not disclosed — a first-class answer and the most common one.

Method versions

Extraction commercial-extract.v1 and identity commercial-identity.v1, both adopted 1 September 2026. Two readings taken under two versions are two histories, and APRIQ never draws one line through both.

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