Canary Wharf could become the world’s biggest tech hub

Canary Wharf could become the world’s biggest technology hub, as banks downsize and new entrepreneurs move in, Offices.co.uk has predicted.

The search provider of serviced offices noted that banks and other corporations are leaving their large London headquarters, presenting an opportunity for tech entrepreneurs.

Businesses have vacated one million square feet of prime office space in London since lockdown started, according to Offices.co.uk.

Read more: Demand falls for prime property in London

Morgan Stanley is reviewing their London requirements, Credit Suisse is giving up nine floors of prime office space and Barclays is considering ditching its headquarters altogether.

The new generation of tech founders and entrepreneurs prefer coworking spaces, where monthly fees are paid in return for an all-inclusive workspace.

Read more: Technology is vital to the nation’s recovery, government claims

Offices.co.uk has suggested that landlords will be forced to revaluate their short and medium-term strategies, as demand grows for flexible office providers on medium-term leases.

Read more: Investors back tech firms throughout Covid-19

“Huge landmark office buildings in London are slowly being emptied and it’s presenting an amazing opportunity for the next generation of entrepreneurs in London,” said Jonathan Ratcliffe, senior broker at Offices.co.uk.

“Canary Wharf may well be repurposed as the largest community of tech entrepreneurs living and working together the World has ever seen.

“Canary Wharf is presenting itself as a prime opportunity for thousands of the world’s best entrepreneurs to co-work and co-live together – can you imagine the results that would produce for the UK.

“Working, living, and socialising all within a huge incubator type community, all 97 acres of it – it would be amazing.”