HSBC Considers New London HQ
Reports from The Sunday Times suggest that HSBC is looking to leave its global headquarters at 8 Canada Square in Canary Wharf. According to the British newspaper,...
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Proposed changes to cycle parking requirements in the Mayor’s Draft London Plan could give office schemes a viability boost by reducing the need for expensive and carbon-intensive basement space that is vastly underused.
London Property Alliance’s study covers more than one million sqm across 21 modern office buildings in the City of London, Westminster, Camden, Islington, Southwark and Canary Wharf. Around 32,433 employees and nearly 9,000 cycle parking spaces were assessed during peak mid-week periods between spring 2025 and summer 2026.
Around 76% of existing cycle parking spaces were vacant at peak periods. If all the buildings had been designed to the latest London Plan (2021) standards, 84% of spaces would have remained unused.
The current London Plan calculates office cycle parking primarily by floorspace, requiring one long-stay space per 75 sqm gross external area. Much of this is delivered in basements, among the most expensive and carbon-intensive parts of office schemes. For tall buildings, an additional basement level can materially increase cost, carbon and delivery risk.
Observed use equated to one occupied bike space per 433 sqm of office floorspace, compared with the current requirement of one per 75 sqm.
Average cycle mode share was 6.5%, versus the 19% assumption underpinning existing policy, while average employee density was one worker per 19 sqm net internal area (NIA) against a planning assumption of around one per eight sqm.
The new Draft London Plan reflects key elements of those recommendations. Long-stay cycle parking for non-residential development would move towards a staff-based calculation and, where occupier information is unavailable, offices would assume one employee per 15 sqm NIA.
Crucially for viability, the draft recognises that providing the full minimum may not be appropriate where it would require a basement or additional basement level, or disproportionately reduce lettable or saleable floorspace. Where full on-site provision is not feasible, alternatives include shared cycle parking, secure on-street provision and public hire cycle infrastructure.
Simon Swietochowski, Vice Chair of the City Property Association, part of the London Property Alliance, said: “A well-intentioned policy designed to support sustainable travel before the dawn of hire-bikes and dockless e-bikes has inadvertently led to large swathes of unused cycle storage space in London’s office buildings. The majority of this space is at basement level – one of the most carbon intensive and costly parts of any office development. The embodied carbon within this vacant space is substantial and the impact on viability is significant. The proposals to reduce requirements to reflect the reality of modern commuter habits, while also encouraging sustainable forms of travel are welcome and will help support future development and the jobs and economic growth it provides.”
Charles Begley, Chief Executive of London Property Alliance, said: “This is a good example of evidence helping policy evolve. For major office schemes, particularly towers, avoiding unnecessary basement excavation can make a meaningful difference to viability and embodied carbon.”
Begley added: “Moving towards staff-based requirements and allowing more flexible provision should reduce cost and wasted space without weakening facilities for cyclists. We welcome the direction of travel. Getting this right can support cycling while helping unlock the modern workspace London needs for jobs and growth.”
Picture: A graphic showing London transport options, including a bus and bicycle, and London buildings.
Article written by Dave Mapps | Published 28 October 2026
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