HSBC to leave Canary Wharf as hybrid working remains popular

HSBC plans to relocate from its Canary Wharf HQ to considerably smaller premises, as hybrid working reduces its office space requirements.

According to media reports, the financial services giant informed staff in an email today (26 June) of plans to vacate the Canada Square office before its lease expires in early 2027.

Before the Covid-19 pandemic, around 8,000 staff worked in the 45-floor tower, which has served as its global headquarters since 2002.

However, with more staff working in hybrid arrangements or completely from home, the company plans to move to the former head office of BT, near St Paul’s Cathedral.

The email said: “We have a preferred option – Panorama St Paul’s, in the City of London.

“We will now begin more detailed discussions on a potential lease, with the intention to move in late 2026.

“Panorama offers a modern office environment in the City, well-connected to major transport links and amenities. The building is being designed to promote wellbeing and constructed to best-in-class sustainability standards, using predominantly repurposed materials.”

HSBC’s decision to return to London’s financial district is a “huge vote of confidence for the City”, said the City of London Corporation policy chairman, Chris Hayward. “This move further solidifies the City’s reputation as a prime destination for financial services firms, offering them unparalleled opportunities,” he said.

A recent study found that Londoners spend just 2.3 days a week in the office, with two days a week reported as most common working pattern. Younger employees were likely to spend more time in the office than older workers, as were those who lived in Greater London.

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In 2021 HSBC announced plans to reduce its office space by over 40%, and moved 1,800 call centre employees onto permanent home working contracts.

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