HSBC, PwC, British Airways, and others are pouring millions of pounds into their London offices – but workers aren’t heading back

HSBC, PwC, and Citi are among the corporate giants fuelling a London office fit-out boom that pushed contractor Morgan Sindall’s Overbury division to £996 million in half-year revenue. This investment comes as office attendance in the capital sits at just 41.5%, among the lowest rates in the UK.

Morgan Sindall’s half-year results, published on Thursday (23 July), show its Fit Out division grew revenue 19% to £996 million and operating profit 19% to £69.1 million in the six months to 30 June 2026, delivering a 6.9% operating margin.

The division’s client list reads as a roll call of some of corporate Britain’s biggest names.

Work on site or completed in the period included a 592,000 sq ft fit-out for HSBC, 380,000 sq ft for PwC at More London, 355,000 sq ft for A&O Shearman at 2 Broadgate, 320,000 sq ft for Clifford Chance at Aldermanbury Square and Citi’s offices in Canary Wharf.

New wins in the period included 200,000 sq ft for BDO UK on Marylebone Lane, 150,000 sq ft for British Airways in West Drayton and 56,000 sq ft for Transport for London in West Ham.

London accounted for 75% of Fit Out revenue in the half, up from 73% a year earlier. The group attributed the boom to more regular lease events, a resurgence of refurbishment and retrofit schemes, tenant demand for sustainability and energy efficiency, and a push for more flexible and collaborative workspaces.

The performance prompted Morgan Sindall to raise the division’s medium-term profit target by up to 30%, from £80 million-£100 million to £100 million-£130 million in average annual operating profit.

The group expects 2026 profits to land slightly ahead of the top of that new range.

So where are the workers?

The spending surge comes as London employers push harder than any others in the country to bring staff back to their desks, with mixed results.

A national survey by FI Property Group found 36% of London workers saw their employer increase office attendance requirements over the past 12 months, against a national average of 26%.

Separate research by Remit shows 62% of UK CEOs expect their companies to make a full return to the office by 2027, while 30% of firms plan to require five days a week in the office by the end of 2026.

Attendance has risen in response. Remit Consulting’s ReTurn report shows UK office occupancy has held above 40% every week since the start of 2026 – the highest sustained level since before the pandemic, peaking at 44.2% in February.

London, however, trails the country it leads on mandates. The capital recorded occupancy of 41.5% in late February, behind Bristol at 69.2%, Leeds at 64.6%, Cardiff at 63.8%, Edinburgh at 53.7% and Manchester at 50.7%. Only Newcastle and Glasgow recorded lower rates.

Upgraded, energy-efficient and collaboration-focused offices sit at the centre of the case firms are making to staff facing longer average commutes than anywhere else in the UK.

More to come

Morgan Sindall’s numbers suggest the spending has further to run.

Overbury’s secured order book stood at £1.33 billion at the end of June, slightly ahead of the position at the end of 2025, and the group described current volumes as exceptional.

Regional wins – including 138,000 sq ft for National Museum Liverpool, 84,000 sq ft for the BBC in Digbeth and 151,000 sq ft completed for Lloyds Banking Group in Birmingham – indicate the refurbishment wave extends beyond the capital, even as London remains three quarters of the market.

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