Visa has announced plans to relocate its European headquarters to London's financial district, following JPMorgan's decision to establish a landmark tower in the area perceived as the city's equivalent to Wall Street.
The company's current headquarters in Paddington, located in the west of London, will be moved to a new 300,000 square foot space at One Canada Square in Canary Wharf. According to the Canary Wharf Group, Visa has signed a 15-year lease and is scheduled to make the move in the summer of 2028.
This decision comes on the heels of news that JPMorgan plans to construct a 3 million square foot tower in London's historic financial district. Other financial giants, including HSBC, BBVA, Barclays, and Citibank, have also reestablished their commitment to the area, with plans set for 2025. Moreover, British fintech company Revolut opened an office there in September.
Canary Wharf was notably impacted by the shift to hybrid and remote work driven by the coronavirus pandemic, resulting in a record-high vacancy rate of 18.5% in the Docklands Core submarketâwhich includes Canary Wharfâduring the first quarter of 2025, according to CoStar data.
Shobi Khan, CEO of Canary Wharf Group, highlighted three primary reasons for the district's revival in a CNBC interview in September, at which time the vacancy rate had dropped to 6%.
Foremost is the convenience of the Elizabeth line railway, which has significantly improved access to the area. Additionally, the district now supports multi-use spaces, including residential homes and hotels alongside offices.
"Lastly, real estate is about demand and supply," Khan noted. "The construction pipeline is essentially halting post-2026, resulting in increased rents as we benefit from limited available space for occupants."
He concluded by saying, "Canary Wharf is thriving."