Outpost No More: The Vision of Canary Wharf
To anyone familiar with the saga of Canary Wharf, this would seem improbable. For most of the 90's the complex had difficulty attracting tenants, given its distant proximity to central London. The developers had the audacity to think they could succeed in building an alternate financial district, which would compete with London for world-class tenants. The whole idea seemed absurd at the time. Initially, tenants didn't bite. However, since 1997 occupancy rates have risen dramatically.
So what's driving the demand today? Could it be that, in developing a brand new complex with its own amenities and transporation infrastructure at a distance from the central core, the developers created the perfect secondary, decentralized location for institutional tenants that, previously, would never have considered moving away from the core?