LONDON, May 10 Reuters London39;s Canary Wharf financial district is considering a radical redesign of one of its largest office towers that could include apartments or hotel space once tenant HSBC leaves, sources told Reuters, in a sign of the wider rethink that awaits the global office market.

Landlord Canary Wharf Group CWG invited around 20 architectural practices to submit proposals for the 45floor building and began shortlisting designs in recent weeks, three sources familiar with the matter said.

The remit is to come up with alternative uses and the building39;s owner, the Qatar Investment Authority QIA which coowns CWG was involved in running the contest, one of the design firms invited said, declining to be named.

CWG declined to comment. QIA did not respond to a request for comment.

HSBC decided last year to quit the skyscraper sporting its name in late 2026, moving to a building half its size in the more central City of London.

The fate of one of Britain39;s biggest office buildings is being closely watched by a property industry pummelled by high borrowing costs and emptier postpandemic offices.

CWG said last month that property values in the area had fallen by 15, or 1.2 billion pounds 1.5 billion, in a year and that it had secured 553 million pounds of new loans and refinancings.

Revamping HSBC39;s tower, which has 1.8 million square feet of floorspace equivalent to around 30 soccer pitches could cost hundreds of millions of pounds, another source…