HSBC signs 15-year lease for 210,000 square feet at 40 Bank Street in Canary Wharf – just minutes from its previous headquarters, which the bank plans to vacate in 2027 in favor of a new City location near St Paul’s Cathedral. The move comes amid growing space constraints and stricter return-to-office mandates under new CEO Georges Elhedery.

Originally, HSBC wanted to move all London staff to the future headquarters on Queen Victoria Street and give up space in Mayfair. However, hybrid working models and the pressure to have employees on-site regularly – at least three days a week according to internal considerations – are now leading to a multi-location strategy. The new Canary Wharf space is approximately one-third the size of the future City headquarters.

For the owner Canary Wharf Group (CWG), the contract is an important signal. Since HSBC's announcement in 2023 to leave the area after two decades, CWG has been struggling with the departure of prominent tenants like State Street or Clifford Chance to the City. With gastronomy, leisure offerings, and residential projects, the operator is trying to diversify the location beyond the classic office tenant profile.

The competition between City and Docklands for tenants remains tough: While Canary Wharf scores with restaurants, cinemas, and the connection through the Elizabeth Line, City locations rely on prestigious addresses and exclusive services. HSBC's decision to remain present in both the City and Docklands underscores the strategic value of both locations for customer contacts in the capital.