Welcome to the fourth annual Spacia Small Business Property Monitor, conducted by market information company TNS, which reports on the property needs of small businesses across the UK. This year’s research shows further growth in the number of small and medium-sized enterprises (SMEs) having difficulty finding business premises - up to a record high since the first Property Monitor appeared in 2001. With 47 per cent reporting problems in 2004, up from 29 per cent in 2003, clearly there is not sufficient business accommodation of the right calibre to meet demand. The findings come from over 1,000 interviews with businesses across the country which employ between 1 and 50 staff. This year, the most prevalent issue facing SMEs is a lack of accommodation available at the right price and in the right location. Many businesses say that they have outgrown their existing space but cannot afford to move – hindering the expansion of their business. In addition, a substantial number also claim that they face security issues with their property to the extent that their business is disrupted on a day-to-day basis. With 3.8 million SMEs in the UK, constituting over 95% of businesses in the country, clearly these findings are of concern. As the largest landlord for SMEs in the country, Spacia is playing its part to alleviate these problems, working together with its tenants to deliver what they need. We trust that this year’s Property Monitor will be of interest. Ian A Campbell Director, Spacia