Canary Wharf or the City of London?
The Bank of England is due to announce that the Prudential Regulatory Authority will be headquartered at prestigious 20 Moorgate, City of London, making the move from their previous office space in Canary Wharf. The Bank has chosen this area for many reasons but particularly as it is located nearby their base on Threadneedle Street.
In an opposing move, broker JP Morgan commenced relocation early this year of 8,000 office workers from its City of London offices to Canary Wharf, putting them next to large firms such as Morgan Stanley, Citigroup, Credit Suisse, HSBC and Barclays.
There has been much contention over the advantages and disadvantages of Canary Wharf office space as opposed to the City of London and vice versa. Many large corporations have had to choose between a desire to be located in the City, and not wanting to break the bank with extremely high City rental prices, leading to the success and popularity in recent years of Canary Wharf.
While many corporations have been scornful and threatened by the popularity of Canary Wharf over that of the City, the location certainly allows businesses who couldn’t otherwise afford the high rental prices to be based in London. Moreover, the location has vastly improved within the last few years, welcoming more and more financial companies who rent office space, and providing a wealth of shops, restaurants and cafes.
Canary Wharf has therefore become a home to those businesses previously considering re-locating to other global areas, and, along with the City, has helped further establish London’s status as a global financial centre.