Liz Peace, the organisation's Chief Executive, explained that the decision will largely affect small businesses outside of London who had expected rates to fall.
However, she did welcome the government's announcement to make changes to the planning system, saying it will provide enterprises with confidence.
On business rates, she added: "So, while businesses will be given two years of certainty, many will pay more than they would have done had the 2015 revaluation been allowed to continue.
"Broadly, the losers will be those outside of London who would have expected to see their rental values fall by more than the national average."
It comes after the Taxpayers' Alliance added its support to the freezing of business rates earlier this month, saying that delaying the review would put strain on the small businesses lucky enough to survive.
Posted by Thomas Fletcher