Dublin Chamber says a 3% increase to commercial rates next year will heap more cost pressure on businesses.
It comes as Dublin City Councillors last night voted in favour of the measure as part of its budget for next year.
It will also see a 10% increase in parking charges and a 36% increase to the East Link toll but council housing rents are not going up.
Graham McQueen from Dublin Chamber says a second year of commercial rate increases will hit business hard.
"Businesses already had a 1% increase last year. The deal that was agreed last night means a rise of about 3% again," said Mr McQueen.
"It is keeping more of a cost pressure on businesses who operate in the city who are already having to deal with things like Brexit, insurance increases, wage costs are through the roof as well.
"So this is another blow to businesses in the city centre."
Mr McQueen said that in isolation a 3% increase does not sound like much but says that it must be taken in the context of the other price increases that are hitting businesses.
"Ultimately what we want is a vibrant city centre, we want a place where businesses can create jobs and employment but the more costs that businesses are hit with the less chance there is for them to be able to do that."