HSBC is looking for a new head office, less than half the size of its current one in London’s Canary Wharf, according to The Sunday Times.
The newspaper stated that «the bank is studying the establishment of a new head office ranging between 400,000 and 500,000 square feet. The bank is reviewing its workplace needs once the current lease expires in 2027, as it looks to reduce office space by 40% globally compared to pre-pandemic levels.
As businesses adapt to remote and hybrid working patterns, a quarter of London firms are reducing the size of office property, and another 18% are choosing co-working and flexible office spaces, according to a Bloomberg Intelligence survey this month.
The Sunday Times reported that the bank had told staff it might stay in its tower in Canary Wharf, pending renovations. The lender moved to Canada Square 8, the 45-storey building, in 2002, when it was completed by the Canary Wharf Group. The building is one of the tallest towers in the region, and is now owned by the Qatari sovereign wealth fund.
The bank did not immediately respond to an emailed request for comment. (bloomberg)
