At a massive 3-million square feet (279,000 square metres), the new headquarters of JP Morgan is likely to earn the status of “biggest office in London”. Designed by Foster and Partners, the tower’s full design is something of a mystery, with only an artist’s impression of the base of the building having been released at this point.
Announcing the plans, US bank JP Morgan Chase has said the scheme at Canary Wharf’s Riverside development will enable 12,000 employees to work at their HQ. This will be their most significant presence in Europe, the Middle East and Africa.
Construction is expected to take six years, and will commence once the scheme has been approved and all contracts are in place. An independent study has estimated the project could contribute around £9.9 billion to the UK economy.
JP Morgan’s London-based staff currently work at two main offices. The commercial and investment bank teams work from 25 Bank Street in Canary Wharf, and the asset and wealth management operations are at 60 Victoria Embankment. Once the tower is completed, the firm expects employees from both sites to move into their new headquarters.
The plans are good news for Canary Wharf, which reported an 18.6% vacancy rate in Q1 of 2025, up from 3.5% in 2017. Hybrid working, where employers only require a certain number of days in the office, has impacted demand for traditional offices, and major banks including HSBC have moved from Docklands to the City of London. However, as more companies recognise the productivity and mental health benefits of having their teams in the office, Canary Wharf could be seeing a resurgence in demand.
Other planned work for the area includes an overhaul of Morgan Stanley’s site at 20 Bank Street and the refurbishment of Citigroup’s tower at 25 Canada Square.
It seems likely we’re going to see more and more companies investing in upgrading their offices in a bid to persuade people that on-site working is a positive thing. Although hybrid working can have benefits, there are also downsides. It’s important to look after the mental health of your staff, and being a permanent homeworker can be isolating and claustrophobic. It makes sense to invest in facilities to allow people to work in the same building as their colleagues.
Meanwhile, if you need any assistance with the structural elements of an upcoming project, please do get in touch.
