Visa is set to relocate its European headquarters from Paddington in west London to the city's renowned financial district, Canary Wharf. This move follows closely on the heels of JPMorgan's announcement to construct a significant tower in the area often compared to Wall Street.
According to the Canary Wharf Group, Visa has committed to a 15-year lease, covering 300,000 square feet at One Canada Square, with the relocation scheduled for the summer of 2028.
Visa's decision follows JPMorgan's plans for a new 3 million square foot tower in the historic financial district, alongside renewed commitments from other banking giants such as HSBC, BBVA, Barclays, and Citibank, all looking forward to 2025. The area's appeal is further underscored by British fintech firm Revolut establishing a new office there in September.
Canary Wharf had experienced significant challenges during the pandemic, with heightened hybrid and remote working practices leading to record high vacancy rates in the Docklands Core submarket, reaching 18.5% in early 2025, as reported by CoStar. However, the vacancy rate decreased to 6% by September, indicating a recovery.
Shobi Khan, CEO of Canary Wharf Group, highlighted three key factors contributing to the area's revival in a discussion with CNBC: improved accessibility via the Elizabeth line railway, the mixed-use nature of the space now accommodating residential homes and hotels in addition to offices, and a constrained construction pipeline post-2026 driving rental increases.
"Canary Wharf is thriving," Khan affirmed, emphasizing the district's resurgence and growing appeal.