Author: James

Canary Wharf isn’t just a financial district — it’s a leading commercial and mixed-use hub in east London. Recent leasing activity shows strong take-up from both financial and non-financial tenants, which is valuable context for residential landlords observing demand for rental properties near the capital’s key business nodes.

Major Commercial Tenants Committing Space at Canary Wharf

BBVA (Banco Bilbao Vizcaya Argentaria)
Spanish banking group BBVA has expanded and extended its lease at One Canada Square, increasing its presence and securing space until 2035 — a strong indicator of long-term confidence in Canary Wharf as a business location.

HSBC
HSBC has reaffirmed its presence by signing a new 15-year lease for 210,000 sq ft at 40 Bank Street, demonstrating its commitment to maintaining a significant base in Canary Wharf alongside other London operations.

SmartestEnergy
The energy retailer has taken around 20,000 sq ft at The Columbus Building, contributing to the diversification of tenants beyond traditional banks.

Revolut and Other Tech/Fintech Firms
Fintechs like Revolut continue to expand: Revolut is a key occupier at the YY London building, which offers flexible, modern workspace and sustainability-focused design. Other tech and life-science occupiers joining the mix include Hershey’s, Napier AI, hVIVO, and AviadoBio, reflecting a shift toward a more diverse business base.

Telehouse and HireRight
Smaller but strategically significant tenants, Telehouse International Corporation of Europe and HireRight, have also leased space at 20 Water Street, adding data services and HR tech to the estate’s business ecosystem.

Big Names Recommitting Their Presence

In addition to new leases, several established institutions have reaffirmed their long-term operations at Canary Wharf, including:

• Barclays
• Citi (Citibank)
• J.P. Morgan
• Morgan Stanley
• Fitch Ratings
• University College London (UCL)

These long-term commitments help stabilize investor confidence and indicate ongoing demand for quality office space.

What This Means for London Landlords

Office Demand Shows Signs of Recovery
The estate has seen significant leasing activity, with more than 450,000 sq ft leased recently. This helps boost office portfolio values and occupancy rates — a positive signal for the broader London office market.

Diversification of Tenant Base
Beyond banking and finance, Canary Wharf is attracting tech, energy, data, and education tenants, supporting broader demand for commercial property and associated services.

Impact on the Residential Market
The influx of employees — often younger professionals likely to rent — is expected to increase demand in the private rented sector. Combined with a tightening availability of rental stock, this is likely to lead to higher rental values, benefiting London landlords in the surrounding areas.

 

Since the publication of the white paper ‘A Fairer Private Rented Sector’ in June 2022 there have been countless blogs, posts and essays on the subject by market commentators, property lawyers and letting agents.  At the time, I saw little value in adding my voice to the noise.

However, with the Bill now having passed into law as the Renters’ Rights Act 2025, and with the reforms finally entering the public conversation through mainstream media, it feels the right moment to share my perspective.

I appreciate that many landlords feel frustrated by what seems like yet another round of government intervention. But if we set aside the emotional reaction and look at the practical realities of the changes, there’s not as much to be concerned about as some fear.

The Renters’ Rights Act is a substantial piece of legislation, and I won’t attempt to cover every clause here. Instead, I’ll focus on the key areas that are likely to matter most to our landlord clients.

Abolish section 21 notices.

Landlords have long been accustomed to serving a Section 21 notice at the end of a fixed-term tenancy, with any renewal depending on a fresh negotiation if the tenants wished to remain in the property. Under the new system, tenants will have the right to stay indefinitely, provided they meet their obligations.

In practice, however, this is unlikely to represent a major shift for most professional landlords. Over the twenty years we’ve been operating in Canary Wharf, our renewal rates have consistently been in the 90th percentile — with the only notable exception in 2008, when they dipped to 69%. A good landlord will always want to retain a good tenant, and most tenants prefer the security of continuity. Viewed in that context, the move to open-ended tenancies is far less concerning than some headlines suggest.

Annual rent increases via Section 13 notice

Most of our landlords already review rents on an annual basis, so this represents little change in day-to-day practice. Under the new system, instead of serving a Section 21 notice at the end of a fixed-term tenancy, we will serve a Section 13 notice to propose an annual rent increase and assist with any necessary negotiation.

Tenants have the right to apply to the First-tier Tribunal (FTT) to determine the new rent. In practice, we recommend that the Section 13 notice propose the highest open market rent, accompanied by a without-prejudice email offering a new rent that is higher than the current rent but lower than the figure in the notice. The tenant can accept this offer, creating a valid agreement without incurring the delays of a tribunal. If the tenant does not accept, they may apply to the FTT, which will then consider whether the rent proposed in the notice reflects the open market rate.

Tenants can leave with two months’ notice

Although tenants now have the right to end a tenancy with two months’ notice, in practice this is rarely a concern. From our experience, tenants request early termination only a handful of times each year, usually due to significant personal changes such as a relationship breakdown or a loss of income. In these cases, it is often better to allow the tenant to leave rather than insist they remain. Forcing a tenant to stay in a property they are unhappy with can damage the professional relationship and create ongoing difficulties, whereas an amicable departure preserves goodwill and avoids unnecessary stress for both parties.

N.B. Our pro-rata fee structure also removes any potential awkwardness regarding fee rebates when a tenant leaves early, ensuring a smooth and fair process for landlords.

Landlords cannot sell a property until the tenant has lived there for twelve months

Under the new legislation, a prescribed notice of four months must be served, and the tenant must have lived in the property for a minimum of twelve months, before the landlord can sell. I understand that this may be frustrating for some clients. However, looking on the positive side, properties that are presented at their best — free of a tenant’s personal belongings and general clutter — typically sell faster and often achieve a better price.

I hope this brief essay provides some reassurance to clients who may have concerns about the forthcoming changes due next year. Please do not hesitate to contact me if you would like to discuss any aspect of the Renters’ Rights Act further.

As we celebrate 20 incredible years in the property market, we reflect on the journey that has shaped us into one of the most trusted estate agents in the community.

The two big changes are to our competition and the laws and acts that affect landlords.

When we first opened our competitors consisted of one branch local agents, small to medium sized enterprises with two or three branches and the corporate goliaths.

The type of agent we compete with has changed dramatically over the last 20 years as large corporate agents grow their businesses through acquisition, with many of the independent local agents both small and large selling out.

At Fisks London we compete on a daily basis against huge corporate agents, in terms of scale it is akin to Dagenham and Rebridge beating Manchester City 3-0.

From our offices in Canary Wharf Fisks London continues to thrive due to our passion for customer focus and our reputation for providing a professional and reliable service to clients who trust and recommend us.

The other big change since we opened our office in 2004 is the increase in legislation. There are over two hundred pieces of legislation that landlords need to comply with, at least ten new laws have been introduced in the last 17 years including but not limited to:

Tenancy Deposit Protection Law in 2007.

Immigration Act 2014

The Smoke and Carbon Monoxide Alarm Regulations 2015.

General Data Protection Regulations 2018

The Homes (Fitness for Human Habitation) Act 2018 extended to periodic tenancies in March 2020.

Money Laundering and Terrorist Financing Regulations 2019

Tenant Fees Act 2019

The Electrical Safety Act – Safety Standards in the Private Rented Sector Regulations 2020

Minimum Energy Efficiency Standard 2020

Fire Safety Act 2021.

I could go on, but I fear the blog would just languish in your deleted items without being read.

There is another big shake up coming soon, in the form of the renters reform bill but that’s for another time when the details have been published and it has been passed into law.

As a Propertymark ARLA agent, with over twenty years’ experience we have expertise in helping landlords comply with these myriads of legislations, which if unwittingly breached can have serious consequences and repercussions.

Twenty years ago, we opened our doors with a simple mission: to make buying, selling, and renting properties a seamless and enjoyable experience for our clients. This will remain our priority for the years to come as we navigate the ever-changing market and legislative conditions.

Please do not hesitate to contact us to discuss the existing legislative obligations on landlords or the forthcoming Renters Reform Bill and how Fisks London can take responsibility for ensuring you comply with these laws.

 

 

Canary Wharf Group and Kadans have recently agreed a joint venture to develop Europe’s largest commercial lab, a 22 storey, 750,000 sq ft scheme on the Canary Wharf Group North Quay site.

Shobi Khan the chief executive of Canary Wharf Group, told the estates gazette “If the UK is going to be a science superpower, London’s going to need to have a critical mass of life sciences space, and we think this building and the North Quay Campus can be the start of that. This fits the government’s vision of being able to create a great ecosystem that will compete with some of these other word-class cities”.

According to Kadans, London has just 300,000 sqft of commercial lab space available. ‘’It means that London is losing out and companies are leaving,” said James Shepherd, head of commercial for the UK and Ireland at Kadans.

The joint venture will bring academics, businesses and clinicians together under one roof in a new innovation district. Furthermore, it aims for the life sciences sector to see Canary Wharf as “a city within the city”, offering not just the workspace but also transport links to both Heathrow and City airports, housing for scientists, researchers and key workers, as well as leisure activities.

The development is expected to break ground late this year or early next year.

“An overarching ambition is creating a new science and innovation district for London” said Sheppard. “We can provide continuous growth and home for these companies forever – not just a temporary home until they get on a plane to Boston.”

I believe this ambitious plan will diversify Canary Wharf’s appeal to the life science industry whilst maintaining the existing financial and business services occupiers. Ultimately, it will also help protect property investors from the ebbs and flows of the market long term.

Canary Wharf Group has announced a partnership with the charity behind the Eden Project in Cornwall to improve the estate’s public realm and waterways.

The start of the tie up will see Canary Wharf Group and the Eden Project – which will make Canary Wharf its new London home – develop a “green spine” running through the center of the estate, comprising new parks,  gardens, bridges, boardwalks and floating pontoons.

Shobi Khan, the chief executive of Canary Wharf Group, said “Canary Wharf Group has always worked hard when it comes to greening the estate and focusing on sustainability. The group has bought all of its electricity from renewable sources for a decade now and has no waste to landfill since 2009”.

The new plans are ambitious. Khan hopes to have construction underway later this year and for the ’spine’ to be open by the time the estate launches its Winter Lights display.

There is more to come. Phase two will be South Dock, where the group wants to create a boardwalk giving access to kayaking and other activities.

I think these plans are very exciting and can only add to the appeal of living in Canary Wharf, impacting positively on all local residents, not solely those occupying the new developments in and around the Canary Wharf Estate.

Several new skyscrapers previously allocated for private sale will now be developed as Build To Rent (BTR) under the company’s specialist platform Vertus.

Canary Wharf Group has already completed 1,137 Build To Rent flats across three schemes; 10 George Street, 8 Water Street and Newfoundland.

Alastair Mullens, managing director at CWG’s rental platform Vertus recently told the Estates Gazette: “While Wood Wharf had always been intended for residential, with 3,600 homes across the 23-acre parcel, the new plans are a shift away from the previous for-sale product. The neighbourhood already has two private-market buildings, Ten Park Drive and One Park Drive

Across the wider estate this means residential and BTR from the West to the East along the South Quay, with a further 1.6m sq ft also earmarked at North Quay next to Canary Wharf Crossrail Station.”

What effect will this additional supply of high quality rental property have on rental values?

The prospect of 2,000 high quality rental apartments managed by Vertus and targeted at professionals working in Canary Wharf might be a concern for private landlords seeking the same tenants.

However, the cost of renting the Vertus apartments is significantly higher than the cost of renting a comparable apartment situated in another centrally located development in or close to Canary Wharf. Vertus are advertising apartments to rent in George Street, Walter Street and Newfoundland, the average advertised rent across all three buildings is as follows:-

Studio apartments – £1,964 pcm

One bedroom apartments – £2,368 pcm

Two bedroom apartments – £3,343 pcm

Three bedroom apartments – £5,331 pcm

Fisks London have recently handled the following comparable property lets:-

Studio apartment – 10 Park Drive, £1,622 pcm

One bedroom apartment – 10 Park Drive, £1,950 pcm

Two bedroom apartment – Discovery Dock East, £2,400 pcm

Two bedroom apartment – Ability Place, £2,550 pcm

Two bedroom apartment – Baltimore Wharf, £2,600 pcm

Three bedroom apartment –Talisman Tower, £2,900pcm

All the properties above are located a short walk from Canary Wharf tube station, and have the benefit of 24 hour Concierge and leisure facilities.
In comparison to the Vertus asking rents these apartments offer much better value for money.

How can Vertus justify such high rents?

In my view there are two important and material differences between renting from Vertus and renting from a private landlord via an agent;-

The first is what Vertus call ‘flexible tenancies’, which means they will consider tenancies for a period of less than six months. This is not a new concept, tenants have always had to pay a premium for the flexibility of a short term tenancy. The majority of tenants we introduce to our landlord clients prefer a longer term tenancy, so in this case, I believe they would prefer to rent a better value apartment from a private landlord via an agent for significantly less rent than the Vertus offering.

The second difference is the on-site maintenance provided by Vertus. Tenants will be attracted by the perceived efficiency of an on-site maintenance team. The ability to report a leaking tap, malfunctioning heating or whatever the fault maybe to an on-site technician, employed by the same company that the tenants rents the apartment from and who developed the building, does provide confidence that any issues will be dealt with promptly.

How can a landlord in the private sector compete with the onsite maintenance provide by a build to rent landlord?

First impressions count. A well presented property will give the tenants confidence that the landlord will look after the property during the tenancy. Instructing the agent to inform tenants that any outstanding faults will be dealt with shortly or soon after they move in isn’t good enough. The tenants will just move on to the next apartment on their viewing list.

Retaining the agent on a fully managed basis will provide the tenant with the confidence that any maintenance issues will be dealt with efficiently by the managing agent during the tenancy. In fact many relocation agents representing large corporates only arrange to view property that is managed by an ARLA registered agent.

Having an ARLA registered agent manage the property gives the tenant the peace of mind that a professional third party, committed to delivering first class service standards will efficiently resolve any maintenance issues during the tenancy.

For more information on our managed services click here.

We would like to start off by sharing our gratitude with everyone who has taken the time to write a review on Trust Pilot. The team are extremely proud to have reached over one hundred reviews, in little over eighteen months, and achieve the rating of ‘Excellent’. The feedback of our clients has a huge influence on the way in which we provide our service and we greatly appreciate people sharing their experiences with us.

Building positive professional relationships with our landlords and tenants is the cornerstone of our business and we are always striving to achieve the best possible result for their property. We pride ourselves on offering an expert and reliable service and there is no better endorsement of that service than our existing clients.

Entrusting an agent with the rent or sale of your property is not a proposition entered into lightly and we understand that gaining an insight to our services through the experiences of our clients is a valuable first step in building trust. That is why we collect and make all of our reviews available with complete transparency, so that all potential clients can see an open and honest assessment of how we operate. As a small business, client feedback also forms a valuable tool for us to evaluate our performance and improve our service.

The consistent themes of professionalism and personable service in our reviews are testament to the hard work of our team and we will endeavour to uphold this standard for the next one hundred reviews!

If you would like to read our reviews, please click here