Citigroup has announced a £1 billion renovation of its skyscraper in Canary Wharf, London, underlining its dedication to office working. The refurbishment will cost almost as much as the £1.2 billion the bank paid for the building in 2019, reflecting a broader trend among corporations to prioritize office spaces post-Covid.
The bank had initially considered demolishing and rebuilding the structure but opted for renovation due to sustainability concerns. The project, which covers the 130,000 square meter tower, remains on budget and is expected to conclude by 2026.
The move comes as many firms, especially US-headquartered giants like JPMorgan Chase and Amazon, enforce strict return-to-office policies requiring five-day attendance. Even UK-based Lloyds Banking Group has tied senior staff bonuses to in-office attendance.
Meanwhile, Canary Wharf’s traditional role as a financial district is evolving. HSBC is downsizing its office space by 40% and plans to leave Canary Wharf for a smaller headquarters near St. Paul’s Cathedral in 2027.
Canary Wharf Group is reimagining the district to attract a wider audience. Following HSBC’s departure, its 42-story tower will undergo a transformation into a mixed-use building with multistory gardens, in what would be the largest-ever conversion of an office tower.
Efforts to reshape the district include adding retail spaces, restaurants, housing, and landscaping to make it more appealing to non-professional visitors. A record 67 million people visited Canary Wharf in 2023, a 25% increase from 2022.
