Uptick in Canary Wharf office values after years of decline
After several years of declining property valuations in Canary Wharf, the East London area is experiencing a modest recovery as the value of its largest offices rises for the first time in years.
According to data from Canary Wharf Group (CWG), the landlord and manager of the estate, as reported by the Financial Times, the value of a £2bn portfolio, representing about half of the group’s office holdings, increased by 0.6 percent between March and June.
The portfolio includes offices leased to Morgan Stanley, Citigroup, and Brookfield Asset Management.
The FT also reported, citing people familiar with the matter, that the remaining half of the portfolio is showing a similar trend. Leasing volumes for the group have already surpassed 450,000 sq ft in 2025, putting them on track to exceed last year’s total of 700,000 sq ft.
It was reported that this year’s volumes, which are expected to be a record, surpass the annual totals for 2022 and 2023 and are projected to produce the best leasing year in over a decade, according to people familiar with the situation.
Canary Wharf comeback?
This comes after years of seeing its valuations drop, last April, CWG reported a 14.7 per cent annual fall in the value of its property holdings to £6.8bn.
However, there has been an uptick in activity this year. At the start of August, it was reported that Visa is about to take over approximately 15,800 square meters of office space in the region’s One Canada Square.
This comes on the back of Canary Wharf announcing two new major leasing deals earlier this month, Banco Bilbao Vizcaya Argentaria and SmartestEnergy, taking the total amount of space leased over 2025 to 250,000 sq ft.
Other companies recommitting to space at Canary Wharf included Barclays, Citi, Fitch, JP Morgan, Morgan Stanley, Revolut, and UCL.
In May, CWG secured planning permission to build a 46-story student accommodation building in the Wood Wharf neighbourhood.