Why Canary Wharf Remains a Major Business Location
With Targetspace announcing the addition of a new Canary Wharf centre, we caught up with their MD Stephen Finnegan to find out why Canary Wharf remains such an important business location in Europe.
Earlier this month we announced the opening of our fourth central London serviced office centre, Hertsmere House. This is our first building in Canary Wharf and a significant move into a location which remains a key business district.
A cosmopolitan and vibrant centre
The area is considered to be one of LondonΓÇÖs two major financial centres and will no doubt continue to live up to this reputation both in the UK and Europe. However the area in general has begun to attract a broader range of businesses beyond the financial sector.
The significant developments, both in terms of commercial space and residential, have created an attractive destination within the capital, making Canary Wharf a cosmopolitan, vibrant centre with an extensive array of amenities on the doorstep. For Targetspace, a presence in Canary Wharf is an important step in our own portfolio development.
A prestigious address
The name ΓÇÿCanary WharfΓÇÖ no doubt has a certain amount of prestige attached to it and the reasons for this become clear when you look at the numbers.
The area contains around 14,000,000 square feet of office and retail space, is home to national and international headquarters of a number of major banks including Barclays and HSBC, media organisations and professional services firms and provides work for around 100,000 people ΓÇô a figure that has almost quadrupled in the last 10 years according to the Financial Times.
This expansion is set to continue with forecasters predicting that the number of workers will double to 200,000 over the next couple of decades, thanks in part to the announcement in January this year of plans to add another 9 million square feet of space to its Northern and Eastern reaches by architect Terry Farrell.
Diverse business occupants
It is clear to see that, along with the City of London, Canary Wharf will continue to be a hub for big financial business. It is important to note, however, that it is not only the financial organisations that are taking up office space.
In Hertsmere House alone we already have a diverse group of occupiers, ranging from recruitment and high-end security companies through to companies in the ever expanding technology sector.
Investment in development
ItΓÇÖs no real surprise that many businesses are looking to make the move east to Canary Wharf, especially as a considerable amount of investment in development is in the pipeline. When you combine this with the strong existing transport links (London Underground, London City Airport and the planned Crossrail development) and huge array of local amenities, Canary Wharf continues to be a prime choice.
This diversification of the sectors taking space at Canary Wharf looks as though it will continue. With the development of more residential accommodation underway and even plans in place for the first school in the area, more business will surely follow.
For Targetspace, the decision to set up a business centre here was a no-brainer and we have already seen a significant interest from occupiers.
Work in Canary Wharf? Why did you choose it as your business location? Share your thoughts in the comments section below.