The Canterbury earthquakes caused significant disruption and destruction of commercial premises. The effects of the earthquakes have spread across New Zealand and seismic risk has become a significant issue for property owners and tenants. The seismic strength of a building is now a major consideration for tenants when making commitments to a long term lease. There are also examples where building owners are investing in strengthening their buildings despite the relevant legislation not yet having been passed by central government. The framework for this research is that tenants and landlords preferences towards existing buildings may change with regard to growing awareness of seismic strength and this change in behaviour will be evident in the increased rental prices in buildings with higher building standards. This research provides an empirical investigation of the rental price differentials between seismically safe and earthquake-prone buildings before and after the Canterbury earthquakes.