Canary Wharf leasing activity continues to improve

Office leasing activity at Canary Wharf has risen sharply this year as higher rents in other parts of London prompt more occupiers to consider the Docklands district. Data from CoStar suggests that the availability of office space at Canary Wharf has fallen to below 10 percent, its lowest level since 2018. Two years ago, vacancy stood at about 23 percent. More than 500,000 square feet of space has been leased so far in 2025, the highest level since 2019, with further deals expected before the end of the year.

Asking rents in Canary Wharf are reported to be around £80 per square foot for larger floorplates at buildings such as One Canada Square. Equivalent rents are now about £170 per square foot in the West End and £100 per square foot in the City of London.

The difference in pricing has attracted the interest of larger occupiers. Agents said that companies are looking at Canary Wharf when considering relocations or renewals, even if they have not previously included the area in their searches.

Canary Wharf Group has continued to add new amenities and transport connections to the area, including the Elizabeth line station, which links the district directly to central London and Heathrow. Recent years have also seen the development of new retail, leisure and residential projects alongside the commercial estate.

The increase in leasing follows a period of weaker demand during and immediately after the pandemic. Total take-up across the estate in 2025 could reach close to one million square feet if several large deals currently under discussion are completed.

Vacancy levels at Canary Wharf are now at their lowest in seven years, according to CoStar, reflecting higher occupancy rates and a limited supply of large, modern floorplates elsewhere in London.

Agents say that while Canary Wharf was once viewed as isolated, perceptions are changing as transport links and amenities have improved. The Elizabeth line has shortened journey times to central London, while a growing mix of retail, residential and leisure uses has made the area more appealing to staff.

Despite the renewed activity, the market remains cautious. The move towards hybrid working continues to affect overall space requirements, and many organisations are seeking smaller but higher quality offices. As a result, demand is focused on the best-specified buildings offering flexible layouts and strong environmental credentials.