Moody’s has been based in Canary Wharf for 15 years and its relocation forms part of a longer-term trend the City has seen of companies electing to relocate.
Moody’s rating agency is set to depart from its Canary Wharf residence in favour of a new London location, as it joins in the exodus of firms relocating from London’s finance hub.
According to reports in the FT, Moody's is not planning to renew its lease at One Canada Square and will instead move to 10 Gresham Street, near St Paul's Cathedral, once its current tenancy runs out in 2026.
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Moody's has been based in Canary Wharf for 15 years, and its relocation forms part of a longer-term trend the City has seen of companies electing to relocate.
Last year, HSBC said it would leave the docklands area for a new office in the City. The bank's headquarters have been located in a 42-storey tower since 2002.
According to data from property consultants firms Cluttons, the vacancy rate in Canary Wharf and Docklands is at 14%, rising to 19% for the "fringe areas", explaining that "several large companies, including HSBC, have opted to shrink their floorplate and move west into the city".
This compares to the west end area of the capital, where it said "tighter supply of office space has kept the vacancy rate relatively low".
Moody's has been contacted for comment.
