Visa is relocating its European headquarters to London's financial district, joining the wave of revitalization spearheaded by recent commitments from major financial entities like JPMorgan. The company, which currently operates out of Paddington in west London, has secured a 15-year lease for 300,000 square feet at One Canada Square in Canary Wharf. The relocation is scheduled for summer 2028, as confirmed by the Canary Wharf Group.
The decision comes after JPMorgan announced plans for a 3 million square foot tower in London’s historic financial area, with other banking giants such as HSBC, BBVA, Barclays, and Citibank reaffirming their presence there by 2025. British fintech firm Revolut also opened an office in the area recently.
Canary Wharf faced challenges during the COVID-19 pandemic, particularly with increased remote working trends, resulting in a peak vacancy rate of 18.5% in early 2025, according to CoStar data. However, the district has shown signs of revival, with its vacancy rate dropping to 6% by September.
The CEO of Canary Wharf Group, Shobi Khan, attributes this recovery to three key factors: the enhanced accessibility offered by the Elizabeth line railway, the diverse functionality of the area which now includes residential and hotel spaces alongside offices, and a tightening real estate market post-2026 which is driving up rents and limiting available space.
Khan stated, “Canary Wharf is thriving,” underscoring the district’s renewed vigor in attracting prominent businesses.