2023-07-22 13:26:12
HSBC’s decision to vacate its headquarters in Canary Wharf has shaken many in London’s financial district. The announced departure of one of the largest banks cracked the self-confidence of the quarter. “It’s another blow to the area,” said Matthew Pointon, a real estate analyst at consultancy Capital Economics. Up to 8,000 employees sat in the heyday in the 45-storey HSBC skyscraper on Canada Square east of the historic city.
Now there are far fewer because more bankers are working from home and HSBC is also cutting staff. The 160,000 square meters of office space in the tower are now far too much. When the lease expires in just over three years, the bank will move to a building half the size in the City, a former BT property from the 1980s near St Paul’s Cathedral. Other banks, some of which sublet floors that are already empty, could also consider moving, says Pointon.
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