HSBC makes U-turn on Canary Wharf exit after desks shortage
The lender announced a 15-year deal for 210,000 sq ft in Canary Wharf on Friday, just weeks after chief executive Georges Elhedery ordered all managing directors to be in the office for at least four days a week from October.
It marks an unexpected boost for Canary Wharf, as HSBC had previously confirmed plans to leave in favour of a new office in the City.
The new office space will be located at 40 Bank Street in Canary Wharf, a short walk from its current headquarters in 8 Canada Square, a 45-floor skyscraper.
Former HSBC chief Noel Quinn had previously said the bank was moving to reduce its office footprint and drive down costs.
However, his successor's return to office mandate has led to a change in tack owing to a lack of desk space in its new City headquarters.
The bank's new base near St Paul's Cathedral is about half the size of its Canary Wharf HQ, which it is set to leave in early 2027.
HSBC has been based in Canary Wharf since 2002, where it boasts around 8,000 staff.
Suzy White, chief operating officer of HSBC, said: 'Continuing to operate from multiple sites in London, as we always have, ensures we are easily accessible for our clients across the capital.'
The new agreement marks a boost for the privately owned Canary Wharf Group, which has been battling to retain companies in the wake of the pandemic.
Canary Wharf has suffered a string of high-profile exits in recent years, including ratings agency Moody's and the magic circle law firm Clifford Chance.
However, this trend might finally be easing amid a shortage of high-quality office space in the Square Mile.
Visa, the payments company, is considering moving its European headquarters to the area, while BBVA, the Spanish bank, has also recently signed a lease to take 250,000 sq ft in Canary Wharf.
In a bid to turn around its fortunes and boost footfall in the evening, Canary Wharf Group has expanded the area's retail, leisure and hospitality offering.
The group, which is co-owned by the Qatar Investment Authority and Canadian private equity firm Brookfield, has also increased the number of residential units and hotels in the area.
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