According to one of the area’s leading property developers, a shift is starting to emerge in regards to which kind of firms typically now move into the London offices at Canary Wharf.
According to the Canary Wharf Group, the big name financial firms which used to inhabit the multitude of offices in the area, are being edged out in favour of technology groups and a wave of new generation business firms.
Canary Wharf Group group company secretary, John Garwood said: “Twenty years ago lots of our clients were in the financial services sector and the demand was for technologically sophisticated buildings with big floorplates, so we built that space for them.
“Now the market is changing, demand is coming from other business sectors and we’re looking at a mixture of options to meet this new demand.”
As a result of this change in emphasise, the firm is now reportedly considering a change in its office space development, with much smaller floorplates than those built before – some as small as 7,000 sq ft.
The firm’s first move to cater to these new clients in 2013 will see them open Level39, a 2,700sq m accelerator space developed especially for financial technology companies and located on the 39th floor of One Canada Place. It will feature a number of offices for small businesses as well as various areas for the tech firms to test products.
The Canary Wharf Group was responsible for turning the perviously derelict docklands into over 15 million square feet of office, retail and leisure space.
Around 90,000 people now work in the area, with firms including Barclays, Citigroup and HSBC all making it their base of European operations.
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