What is 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.

Is Canary Wharf a good investment?

Investropa's most recent research indicates that buy-to-let investors in Canary Wharf and its surrounding districts are achieving average yields of around 5%. Rents in the area are relatively close to mortgage rates, which prompts many people to consider buying a home.

What's happening to Canary Wharf?

Canary Wharf Group said it has made a concerted effort to transform what was once exclusively a financial hub into a neighbourhood with a range of restaurants and entertainment options. There were concerns during the pandemic that work-from-home plans would leave Canary Wharf empty and a poor spot for investment.

Is Canary Wharf doing well?

Canary Wharf has taken action to transform a once exclusively banking and finance dominated area into a mixed-use, vibrant destination for workers, residents, and visitors. In the first half of the year the estate saw record-breaking footfall volumes, totalling to over 35 million (+8% year-on-year).

Why are businesses 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.

Canary Wharf Group CEO Shobi Khan on the financial district's future in London

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.

Why are there so many Chinese in Canary Wharf?

As a result of this focus on security, Canary Wharf is one of the most popular areas for Chinese renters, with the presence of private security and CCTV cameras everywhere you look providing 'an attractive degree of reassurance' to many young Chinese people who come to the UK to study.

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.

Who owns most of Canary Wharf?

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

Is Deutsche Bank leaving Canary Wharf?

Deutsche Bank is the latest firm to consider an exit from Canary Wharf. It is weighing up leaving its premises in 10 Upper Bank Street when its lease expires in 2028, having built a 646,000 square feet, state of the art office at 21 Moorfields to serve as its UK headquarters, which it moved staff into last year.

Why did Canary Wharf fail?

Canary Wharf failed as a result of six factors: a recession in the London property market, competition from the City of London, poor transport links, few British tenants, complicated finances and developer overconfidence.

Is it worth living in Canary Wharf?

Why Canary Wharf is a good place to live. Living in Canary Wharf is an experience in itself, thanks to its vibrant, cosmopolitan lifestyle. This East London gem is renowned for its modern architecture reflected in its impressive high-rise buildings.

What is the secret place in Canary Wharf?

Crossrail Place Roof Garden. Free to visit and open daily to the public until 9pm or sunset in summer, Crossrail Place Roof Garden is one of London's largest. Wander through and admire the exotic plants, relax on one of the many benches nestled in hidden pathways or enjoy a show in the amphitheatre.

Is Canary Wharf wealthy?

Canary Wharf, London. The financial heart of London. The place where incredibly wealthy people and companies from around the world come to do business. The area which produces more tax for the government than most of the uk added together.

What largest companies are in Canary Wharf?

– Canary Wharf is a strategic financial hub, comparable to New York's Wall Street, with major banks contributing to its vibrant economy. – Top banks in the district include HSBC, Barclays, Citigroup, J.P. Morgan, and Credit Suisse, all playing crucial roles in international finance.

What is the average salary in Canary Wharf?

Canary Wharf has a population of 17,976. The largest age group is 18-64 year olds. The average Canary Wharf salary in 2019 was approximately £130,000. Canary Wharf has over 14m sq.

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 is Canary Wharf so popular?

In addition to being a leading global financial district in the United Kingdom, Canary Wharf is famous for a cluster of the tallest modern commercial complexes and residential high-rise buildings.

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.

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.

Why are banks moving out of Canary Wharf?

The east London district has its highest office vacancy rate since 2005 while banking giant HSBC recently announced it was moving to the City. The changes have been prompted by more people moving to flexible working. As a result Canary Wharf Group (CWG) said it was focusing more on science, retail and housing.

Is Canary Wharf a good place to invest in property?

Investing in Canary Wharf and E14

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.

Where do the most Asians live in London?

Tower Hamlets has the largest Chinese population of any London borough. The long-established Chinese community in Tower Hamlets makes up 3.3% of the borough's total population making it one of the largest Chinese populations in England and Wales.

Which companies have left Canary Wharf?

Alongside HSBC, Moody's, the rating agency, and law firm Clifford Chance have chosen to leave, while Barclays and Morgan Stanley have both reduced their footprint in the district. Deutsche Bank is also reviewing its presence in Canary Wharf.

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.