Think tank wants action to improve property market for smaller firms

The capital’s commercial property market is not doing enough to support small businesses, a think tank has claimed.

A report prepared by Future of London calls on local councils, developers and landlords to help nurture a more favourable environment.

The research points out that SMEs make up 99 per cent of all businesses in the city and employ four out of ten workers.

Despite this, they are facing a growing number of challenges, with an increasing volume of office spaces being converted into residential property and rents continuing to spiral upwards.

Alexei Schwab, head of the programme at Future of London, said: “London’s public sector has a unique opportunity to support small businesses and promote regeneration through the workspace.

“Councils can use planning powers to protect existing space; work with developers and operators to shape appropriate workspace in new developments, and use their own buildings and land to provide workspace.”

The report – entitled Workspace that Works – is currently being picked over by the London Assembly, where officials acknowledge the growing difficulties facing smaller businesses.

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