The Role of Property in the Portfolio of Small and Medium Enterprises

Previous published academic property research has tended to focus on the optimal allocation of real estate from the perspective of large institutions. Little attention has been given to mixed business portfolios of small to medium enterprises. This study seeks to address this imbalance by examining the perceptions of entrepreneurs who own more than one distinct business at any given time. Using in-depth interviews, this paper explores the role of property within the portfolio of small and medium enterprises (SMEs) of 15 successful entrepreneurs. The results suggest that property or property related businesses feature prominently in these portfolios. The importance and differingroles of property during the life cycle of the portfolio is also highlighted and further indicate that property plays a strategic role in business decisions and often dictates the direction of individual businesses and the portfolio as a whole