Our unique position means we can use our assets to keep London moving, working and growing. We generate long-term, sustainable income from 1,000 retail units and 800 railway arches to reinvest in our transport network. Our work also helps to support the Mayor's priorities around sustainable transport, health, homes and jobs as laid out in the Mayor's Transport Strategy.
We are one of London's largest landowners and offer a wide range of opportunities for businesses across the city. Exciting spaces are available for organisations of any size, from pop ups and small businesses to global brands. Most of our sites are in or near transport hubs and with millions of passeger journeys on our network each day, we put you close to your customers in locations convenient to their lives.
We are proud that 95 per cent of our tenants are SMEs and are committed to working with them and our large business customers in partnership to help them and our local communities thrive.
We use the Government's definitions for size categories of business and use tenant self-reporting and our own categorisation to assign each customers as SME or a large business. We do not split our customers into micro, small and medium businesses given the lack of complete data. We take each tenant as a unique customer (whether they have one or twenty different properties with us) and divide the number of SMEs by the total number of unique customers to get to the percentage above.
We also measure the average rent increase experienced by our SMEs each year (from 1 January to 31 December). For 2022, the average rent increase for SMEs on our estate was 0.37 per cent.