How empty is Canary Wharf?

The estate now has a vacancy rate of nearly 17%, up from just 4% in 2017. Footfall is starting to return to the area – the latest statistics from Transport for London suggest that weekday footfall through Canary Wharf tube station is now back to 80% of its pre-pandemic traffic – but the offices are still sitting empty.

How much of Canary Wharf is empty?

CWG's reported vacancy rate was 9 per cent in 2023 — close to the London average — up from just 3 per cent in 2019. But vacancy rates quoted in the real estate industry commonly exclude empty buildings that are set aside for renovation, where the landlord is not looking for new tenants.

Is Canary Wharf in decline?

After several years of declining property valuations in Canary Wharf, the East London area is experiencing a modest recovery as the value of its largest offices rises for the first time in years.

Is Canary Wharf junk status?

Canary Wharf owners' credit rating cut deeper into 'junk' territory. The owner of Canary Wharf has had its credit rating cut deeper into “junk” territory over concerns about its debts as it struggles to attract workers back to the east London office hub after the pandemic.

Is Canary Wharf crowded?

Very busy! As a tourist is it worth visiting Canary Wharf for the modern buildings and the Thames Path view around the docks. Nevertheless I would recommend not to go at lunch hours (12.00-1.30pm) or rush hour (5.30-8pm) since all the people that work there go out and it is like a human traffic jam!

Pepper spray fired inside Canary Wharf shopping centre as police clash with anti-migrant protesters

Why did Canary Wharf fail?

It modified its planning laws to expand the provision of new offices in the City of London, for example, creating offices above railway stations (Blackfriars) and roads (Alban Gate). The resulting oversupply of office space contributed to the failure of the Canary Wharf project.

Why is Canary Wharf so quiet?

16. Canary Wharf is surprisingly peaceful, as the district is free from major roads and the DLR is very quiet. 17. Canary Wharf is one of London's greener areas; there are some fantastic parks, particularly to the south, and Jubilee Park is effectively a roof garden built above an underground station.

Why are firms leaving Canary Wharf?

Other major firms leaving Canary Wharf for the City include HSBC, Moody's and Clifford Chance, as businesses attempt to shrink their office footprints to cope with the rise of hybrid working.

What's the future of Canary Wharf?

The eastward expansion of Canary Wharf offers the opportunity to turn a leading global financial centre into a place not just for new types of work, but for living, playing and relaxing. Re-working two earlier untenable masterplans, our Wood Wharf Masterplan defines generally smaller, relatable buildings.

Has Canary Wharf been gentrified?

Gentrification London – the Poster Child for Urban Regeneration? Certain areas in London have gone through dramatic transformations in recent years. Within the space of a few decades, some neighbourhoods can completely change, and look almost nothing like what they once were. Canary Wharf is a prime example.

Who owns most of Canary Wharf?

Canary Wharf Group plc is owned by Brookfield Property Partners and Qatar Investment Authority.

Has Canary Wharf been regenerated?

The Canary Wharf redevelopment shifted much of London's financial district to the east of the capital, as banks – including HSBC and Citigroup - moved their offices. Building shopping centres, restaurants and apartments at Canary Wharf as well as offices helped create a community for people to live in as well as work.

Is Canary Wharf wealthy?

What sets Canary Wharf apart is not just its iconic architecture, but its concentrated ecosystem of financial excellence. For high-net-worth individuals, the district offers seamless access to banking and bespoke wealth management solutions delivered by some of the most seasoned financial advisors in the industry.

Is Canary Wharf declining?

LONDON, April 17 (Reuters) - Property values in London's Canary Wharf financial district were roughly stable at about 6.8 billion pounds ($9 billion) last year, after declining by 15% in 2023 after the pandemic drove down office prices.

What is the vacancy rate in Canary Wharf?

Vacancies in the "Docklands Core" area - which incorporates Canary Wharf and part of the surrounding Isle of Dogs peninsula - hit 18.6% last month, the highest recorded level in data going back to 2003, CoStar said. That vacancy rate was 9.8% in March 2020 and 3.5% eight years ago.

What are the hidden spots in Canary Wharf?

Are property prices falling in Canary Wharf?

Canary Wharf property prices have shown mixed performance over the past 12 months, with some sources reporting marginal growth of 0.36% while others indicate a 7% decline year-on-year. Current average prices stand at £542,000-£602,000 across all property types, representing a 19% decrease from the 2021 peak.

Is the bank moving out of Canary Wharf?

HSBC has reversed its plan to fully leave Canary Wharf, signing a 15-year lease for 210,000 square feet at 40 Bank Street. The move comes less than two years after the bank announced its intention to relocate its global headquarters to a downsized office near St Paul's Cathedral in the City of London.

Is Canary Wharf a tax haven?

Canary Wharf's special tax advantages have long been controversial. It has already benefited from around £1 billion of tax breaks to lure tenants from the City. And under a complex but legal tax avoidance deal it is already factoring in nearly £400m more after flotation.

Why did HSBC leave Canary Wharf?

HSBC could have decided to cut costs by moving to a business park on the outskirts of London. But they didn't. Instead, the bank justified the move to be “well-connected to major transport links and amenities” and “a more convenient location for employees”.

Does Canary Wharf have a future?

“It [Canary Wharf] is becoming an adult. It's gone from being a well-funded, shiny office destination to becoming a seven-days-a-week residential mixed-use hotspot—and that's going to take time,” Jayson said.

Is Canary Wharf prestigious?

Canary Wharf, E14, is a landmark riverside district and one of London's most prominent employment hubs, renowned for its dynamic mix of global businesses, infrastructure and world-renowned architecture.

Is it safe to walk in Canary Wharf at night?

Is Canary Wharf safe? Canary Wharf is a very safe area. It boasts one of the lowest crime rates in London, and many residents report feeling very safe, even when they are walking around alone or with their families at night.

What is the quietest part of London?

Tower Hamlets:

Tops the list as the quietest neighbourhood. Average noise levels around 53.3 decibels.

Is it worth buying a flat in Canary Wharf?

If your focus is on yield, income, and cash flow, you might prefer areas outside of London with higher gross returns. But if you're seeking long-term capital growth, with a reliable tenant base and stable (albeit lower) yields, London — and Canary Wharf in particular — is worth a look.