Rents Bounce Back in Canary Wharf
As COVID restrictions continue to ease, workers are returning to the capital and rents are bouncing back to nearly pre pandemic levels.
During the shutdown, Canary Wharf saw smaller rent decreases than most other inner London neighbourhoods. And now they’re picking up again.
Many City employers are reporting a return to work for their employees, albeit on a part time, 2 – 4 days a week basis. Junior employees and young professionals, in particular, are making a return to the office and that’s fuelled demand in the area for workers seeking flatshares. And even if workers opt to work from home a couple of days a week, they want to do so in nice surroundings with fast Wi-Fi and views of the Thames.
There’s also high demand for London boltholes emerging, especially from more senior employees who relocated to the country during the pandemic but still want to be in the London office a couple of days a week. A Canary Wharf pad cuts out the long daily commute and allows senior execs to cycle into the office or take the 7-minute DLR journey from Canary Wharf station to Bank.
Canary Wharf properties are popular for overseas workers and corporate rents too. The majority of these workers flew home at the beginning of the first lockdown. But relocations are now picking up again after 18 months of low levels, as overseas workers flood back into the capital.
And finally, international students are returning to the area too, attracted by the good transport links and building security, especially those with 24-hour concierge services.
At the current rate, rents are expected return to pre-pandemic levels across all inner London locations by the middle of 2022.
