Canary Wharf Struggles with High Office Vacancy Rates as Major Firms Leave Iconic Buildings

Several iconic office buildings in Canary Wharf now have high vacancy rates, including One Canada Square which is 36% vacant vs 4% in 2019.

Canary Wharf has one of London's highest office vacancy rates at 14.3% vs a central London average of 9.2%.

Major firms like HSBC and Barclays are leaving Canary Wharf offices for cheaper spaces or more appealing locations.

Canary Wharf is struggling more than other areas due to its overwhelmingly commercial nature and large trading floors.

Landlords are trying to attract new tenants like tech and life sciences companies, but face challenges from more demand for flexible leases.