Canary Wharf struggles amidst office exodus

Canary Wharf in London's Docklands, once a symbol of financial ambition, now needs a government subsidy to adapt and survive, the i reports. HSBC and other major tenants are leaving, and the vacancy rate is higher than in any other major UK city. No new offices are set to be built, raising concerns about the district's future. Some plans include converting vacant offices into laboratories and developing new homes. Efforts to attract tourists and embrace emerging sectors like science labs are underway. However, the FT reports that Canary Wharf has received a welcome boost after US investment bank Morgan Stanley added a decade to the lease on its European headquarters in the east London financial centre. 

Financial Times (03/04/2024)   I (03/04/2024)