Visa is set to relocate its European headquarters to London's financial district of Canary Wharf, following JPMorgan's announcement of a landmark tower in the city's equivalent of Wall Street.
Currently based in Paddington, West London, Visa has secured a 15-year lease for 300,000 square feet at One Canada Square in Canary Wharf, as per firm confirmation from the Canary Wharf Group. The transition is scheduled for summer 2028.
This move comes in the wake of JPMorgan's plans to erect a new three million square foot tower in the historical financial district of London. HSBC, BBVA, Barclays, and Citibank have all reaffirmed their commitments to the area for 2025, with the British fintech company Revolut also opening an office there in September.
Canary Wharf was severely impacted as the COVID-19 pandemic spurred a shift towards hybrid and remote work models. The Docklands Core submarket, encompassing Canary Wharf, reported an unprecedented vacancy rate of 18.5% in the first quarter of 2025, according to CoStar data.
Shobi Khan, CEO of Canary Wharf Group, shared with CNBC in September that three key factors are contributing to the area's resurgence, with a vacancy rate down to 6% by then.
Firstly, the Elizabeth line railway has significantly improved access to the area, alongside a transition towards a multi-use space that includes residential homes, hotels, and offices.
“And lastly, real estate is about demand and supply,” Khan highlighted. “The construction pipeline is essentially stagnating post-2026, thus driving up rents and yielding the benefits of limited space availability for potential occupants,” he noted.
“Canary Wharf is thriving,” Khan concluded.