HSBC to leave Canary Wharf for BT’s former office near St Paul’s

HSBC Holdings is planning to leave its Canary Wharf headquarters and relocate to the City of London, the latest sign of how a shift to flexible work is reshaping demand for offices. 

The lender, which launched a review in September, said its preferred option is BT Group’s former head office near St Paul’s, according to a memo seen by Bloomberg. The bank said it “will now begin more detailed discussions on a potential lease, with the intention to move in late 2026.”

HSBC has been looking for alternatives to its Docklands skyscraper as it looks for a more flexible workspace and adapts to the post-pandemic cityscape, according to a memo sent last year by the bank’s chief operating officer John Hinshaw. The lease on its current address is due to expire in 2027. 

Orion Capital Management, a private equity firm, is redeveloping the former BT headquarters on Newgate Street. The Times of London reported the move earlier. 

The UK lender has resided in the 45-story 8 Canada Square property since 2002, when it was completed by Canary Wharf Group. The building is now owned by Qatar’s sovereign wealth fund, which bought it for about US$1.4 billion in 2014. BLOOMBERG