London's Canary Wharf financial district is set to revamp one of its tallest office towers after banking giant HSBC vacates the premises, marking one of the most

high-profile redevelopment projects aimed at repurposing office buildings since the pandemic.

The Qatar Investment Authority (QIA), which owns the 45-floor building, and Canary Wharf Group (CWG), the area's landlord, plan to reshape the tower to accommodate a mix of uses. This comes in response to changing work patterns and high borrowing costs affecting the property industry.

In May, Reuters reported that CWG had invited around 20 architects to propose alternative plans for the tower, including the potential addition of hotels and apartments. Architects Kohn Pedersen Fox (KPF) won the design contest, as announced by CWG on Thursday. The new visualizations show large voids cut into the building to create outdoor terraces, aimed at attracting leisure, entertainment, education, and cultural uses alongside office space. Construction is set to begin in 2027.

Construction trade magazine Building first reported KPF's victory in the design contest.

HSBC decided last year to leave the skyscraper bearing its name in late 2026, moving to a building half its size in the more central City of London district.

The future of 8 Canada Square, one of Britain's largest office buildings, is being closely monitored by a property industry hit hard by high borrowing costs and post-pandemic work shifts. QIA's investment to overhaul the tower is seen as a "flagship example of the sovereign fund's vision for multi-use real estate of the future," CWG stated.

Canary Wharf has experienced several high-profile tenant departures from its estate in London's former docklands, although banks like Barclays and Morgan Stanley have committed to staying. CWG has been working to diversify the area's appeal beyond office work, with visitor numbers reaching an all-time high of 67.2 million in 2023.

In April, CWG reported that property values in the area had dropped by 15%, or £1.2 billion ($1.6 billion), over the past year. The estimated cost of the tower's revamp has not been disclosed, but a source familiar with CWG's plans previously told Reuters it could amount to hundreds of millions of pounds. Photo by Tintazul, Wikimedia commons.