HSBC looks to halve London head office space

London: HSBC Holdings is looking for a new global headquarters less than half the size of its current space in London’s Canary Wharf, according to the Sunday Times.

The bank is considering a new head office of between 400,000 and 500,000 square feet, the newspaper reported. HSBC has been reviewing its workplace needs once its current lease ends in 2027, as it looks to cut office space by 40 per cent globally compared with pre-pandemic levels.

As firms adapt to remote and hybrid working patterns, a quarter of London businesses are downsizing office holdings and a further 18 per cent are opting for coworking and flexible office spaces, a Bloomberg Intelligence survey found this month.

HSBC has told staff that it may yet remain at its tower in Canary Wharf, with renovations, the Sunday Times reported. The lender moved into the 45-story 8 Canada Square in 2002 when it was completed by Canary Wharf Group. The building, one of the district’s tallest towers, is now owned by Qatar’s sovereign wealth fund.

The bank did not immediately respond to an emailed request for comment.