More and more big banks are leaving the financial district in east London.
(Photo: Bloomberg)
London Since the major British bank HSBC announced at the end of June that it wanted to move its London headquarters from Canary Wharf back to the old city near St. Paul’s Cathedral after 20 years, the glittering collection of office towers in the former London docks has been in a crisis of identity .
Real estate experts, not only in London, are asking themselves whether large banks in particular still need huge skyscrapers in times of hybrid working and automated trading. Similar office parks such as La Défense in Paris or Lower Manhattan in New York are also struggling with double-digit vacancy rates and falling rental income.
In London, the situation continued to deteriorate in the first quarter of 2023: According to the real estate platform Re-Leased, the duration of office leases has almost halved since 2019.
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