HSBC Secures 15-Year Lease in Canary Wharf to Ease New HQ Space Shortage
HSBC has signed a 15-year lease for 210,000 square feet of office space at 40 Bank Street in Canary Wharf, reversing its earlier plan to exit the Docklands financial district entirely. The move comes as the bank prepares to relocate its headquarters from 8 Canada Square to a new base in the City of London near St Paul’s Cathedral, but has found the forthcoming site will not accommodate all London staff.
The additional Canary Wharf premises are expected to be occupied from early 2027, providing room for teams that cannot be accommodated in the new headquarters. The decision also means HSBC will maintain a multi-site footprint in the capital for the foreseeable future.
HSBC had announced in 2023 that it would vacate Canary Wharf in favour of the City, reflecting a post-pandemic shift in corporate real estate strategy. However, the return-to-office push – requiring at least four days a week on-site for managing directors – has increased demand for desks, making the extra space necessary.
The agreement offers a boost to Canary Wharf’s office market, which has faced challenges in recent years due to rising vacancies and a shift towards flexible working. Landlord Canary Wharf Group has been diversifying the estate, adding residential, retail and life-sciences developments alongside its traditional banking tenants. HSBC’s renewed commitment signals continuing demand for large-scale office space in the area, even as hybrid working remains in place.