London's CanaryWharf financial district is considering a radical redesign of one of its largest office towers that could include apartments or hotel space once tenant HSBC leaves, in a sign of the wider rethink that awaits the global office market.
Landlord CanaryWharf Group (CWG) invited around 20 architectural practices to submit proposals for the 45- floor building and began shortlisting designs in recent weeks. The remit is to come up with alternative uses and the building's owner, the Qatar Investment Authority (QIA) - which co-owns CWG – was involved in running the contest.
HSBC decided last year to quit the skyscraper sporting its name in late 2026, moving to a building half its size in the more central City of London. The fate of one of Britain's biggest office buildings is being closely watched by a property industry pummeled by high borrowing costs and emptier post-pandemic offices.
Revamping HSBC's tower, which has 1.8 million square feet of floorspace - equivalent to around 30 soccer pitches - could cost hundreds of millions of pounds. Some property experts believe it would be cheaper to knock it down and start again - but this may be unpalatable for environmental reasons.
No final decisions on the tower's future have been made, including retaining office space. HSBC has occupied the skyscraper since 2002. It has been home to up to around 8,000 HSBC employees, some of whom refer to the skyscraper as the "Tower of Doom".
The building was originally designed by architect Norman Foster's practice. Foster + Partners. While landlords often assess their options for soon-to-be vacant buildings, the sources said the design contest had been unusually broad and that CWG recognized the need to rethink the tower and reset the local market.
Submitted proposals included carving into the building's floor plates to create large atriums for more daylight and changing the cladding, to make it more suitable for flats or hotels.
In recent years, CanaryWharf Group has focused on diversifying the mix of uses in the area by building more homes, restaurants and laboratories.
