In the early 1950's the port industry of Canary Wharf began to experience a decline, which ultimately lead to its closing by the 1980's. What Canary Wharfis today is all owed to a man by the name of Michael von Clemm. Michael von Clemm conceived the idea of outsourcing work into offices in Canary Wharf, which led to proposals for a new and improved business district. The project came into fruition in the late 1980's and construction ultimately began in 1988. The first buildings in Canary Wharf were completed in 1991, lamentably the london property market had collapsed and Olympia and York Canary Wharf limited was pronounced bankrupt by May 1992.
In 1995 former owners of Olympia & York and many other investors bought the venture and eventually created Canary Wharf Group. The property market eventually recovered and demand for high floor-played A grade offices continued to rise. A critical occasion which also aided in the recovery of the Wharf was the introduction of the Jubilee line to the area.