Relocates Swatch's London Headquarters to Modern Offices at Canary Wharf
In a shift reflecting the growing trend of amenity-rich office spaces in London, Swiss watchmaker Swatch has announced its move to a new headquarters in Canary Wharf. The company will relocate from its current location on Dockside Road to the Docklands site Sierra Quebec Bravo (SQB), where it will occupy 9,500 square feet of office space in a multi-purpose building.
The new office space, part of the re-imagined South Quay building, boasts a range of amenities designed to enhance the working environment and promote wellbeing. These include a business lounge for networking and collaboration, a coffee shop, a fitness centre, shower facilities, a free co-working area, and an event space for business events and networking opportunities.
The move is a response to the growing demand for "hospitality-driven community-led workspaces," as Connor Brazendale, senior investment manager at General Projects, noted. General Projects will conduct a fit-out of the space ahead of Swatch's move into the building.
Canary Wharf, once home to major tenants like HSBC, is facing challenges in its recovery from a pandemic-induced drop in demand. However, it continues to attract iconic brands like Swatch, despite rising vacancies as companies move out to the City and the West End.
The specific reasons for Swatch's choice of location, such as cost considerations or access to transport, have not been disclosed. The company has not revealed the rental figure for the new office space.
Swatch's decision comes amidst pressure on the wider Swiss watch industry from the promise of steep tariffs cutting into US sales. The company is facing challenges due to low levels of employment, interest rates, tax rates, inflation, government policies, increasing National Insurance contributions, and political factors.
Despite these challenges, Swatch reported a pre-tax UK profit of £23.6m in 2022, suggesting that the move to Canary Wharf could be a strategic move to enhance its appeal to employees and customers. Brazendale's sentiment echoes this, stating, "Offer a space that people want to use, and the occupiers will come."
The move to a more amenity-rich office space may signal a broader trend among businesses, as employees increasingly demand work environments that offer more than just corporate desks. This shift towards hospitality-driven, community-led workspaces could reshape the London office landscape in the coming years.
- With Swatch's decision to move to a more amenity-rich office space in Canary Wharf, the company might be signaling a broader trend in the finance and real-estate industry, as businesses increasingly focus on providing work environments that go beyond corporate desks and prioritize wellbeing and community.
- In the face of rising vacancies and challenges in its recovery from a pandemic-induced drop in demand, Canary Wharf continues to attract notable brands like Swatch, thanks to its appeal as a location offering diverse amenities that boost working environments and foster networking opportunities.
- Beyond the London move, Swatch contends with various pressures in the wider Swiss watch industry, including the looming threat of steep tariffs, impacting US sales, low levels of employment, interest rates, tax rates, inflation, government policies, increasing National Insurance contributions, and political factors.
- As part of the re-imagined South Quay building, Swatch's new headquarters will cater to its employees and customers, featuring a business lounge for collaboration, coffee shops, a fitness center, shower facilities, co-working areas, and event spaces—all aimed at enhancing the company's appeal and staying competitive within the finance and banking industry.
