Fresh blow for Canary Wharf as Moody’s confirms exit

CREDIT rating agency Moody’s is to quit Canary Wharf after 15 years in a fresh blow to the Docklands district’s claim to be London’s financial centre.

Moody’s confirmed that it would leave its headquarters at One Canada Square for a new space near St Paul’s Cathedral after the lease on its office ends in 2026.

The company, which leased six floors in the Canary Wharf tower, will move to 10 Gresham Street, subject to final terms being agreed. It said the move was motivated by its adoption of a “new style of working” as staff spend more of the week working from home.

The US ratings agency employs 1,200 people at its Canary Wharf office and has been based there for 15 years.

The decision to leave follows a review that was launched last summer in an attempt to cut costs.

Canary Wharf has been struggling to stem a tide of businesses opting to leave the area post-pandemic.

HSBC, Canary Wharf ’s most famous resident, plans to leave its 45-storey skyscraper in 2027, once its lease expires. It too is moving to the City of London, taking up space near St Paul’s Cathedral.

Clifford Chance, the “magic circle” law firm, will also move from the Docklands to the City of London and Barclays has sold off one of its two Canary Wharf buildings at 10 Cabot Square.

Empty office space within Canary Wharf stands at 16pc – the highest level in years.

Values are also declining. An Israeli real estate investor bought 5 Churchill Place for £160m less than it had changed hands for seven years earlier.

Canary Wharf Group has been trying to reinvent itself variously as a leisure destination, life-sciences hub and residential neighbourhood.

The company declined to comment.