BlackRock is exploring 8 Canada Square, HSBC's Canary Wharf skyscraper, as a potential new London headquarters, according to people familiar with the matter. The asset manager has also evaluated Bishops Square near Spitalfields Market and Deutsche Bank's former offices at 75 London Wall. BlackRock seeks spaces offering at least 600,000 sq ft across the city.

HSBC plans to vacate the Canary Wharf tower next year when it moves to the Square Mile, creating a rare opportunity for large tenants. The London office market faces tight supply, with few sites capable of accommodating major firms' space requirements. Demand for premium offices has increased while construction declined after Brexit and during the pandemic.

Recent data shows office net absorption turning positive for the first time since 2019, with the final quarter of 2025 seeing 1.9 million sq ft more space occupied than vacated. Trading firm Jane Street is now pursuing a lease at Bishops Square after previously considering 75 London Wall. Meanwhile, Microsoft is expanding in London, eyeing Film House in Soho while continuing its search for a new headquarters along the Elizabeth Line.