Payments giant Visa is in advanced discussions to relocate its European headquarters to Canary Wharf, marking a potential vote of confidence in the financial district amid broader shifts in London’s corporate real estate landscape.
Sources familiar with the negotiations told the Financial Times that Visa is eyeing approximately 170,000 square feet of office space at One Canada Square, a landmark tower currently being vacated by Moody’s. The credit rating agency announced last year that it would be moving closer to St Paul’s Cathedral when its lease ends in 2026.
Visa’s current headquarters are located at 1 Sheldon Square in Paddington, but its lease there expires in 2028. The company has been actively seeking new office space in recent months.
If the deal is finalized, Visa would become one of the most prominent blue-chip tenants in Canary Wharf, a district that has recently seen major occupiers, including HSBC, State Street, and Clifford Chance, plan exits to the City of London. Deutsche Bank is also reportedly reviewing its future in the area.
According to property data firm CoStar Group, vacancy rates in Canary Wharf’s core market reached nearly 18% in the second quarter of 2025 — significantly higher than the 11% average across greater London.
To counter these challenges, the Canary Wharf Group — backed by Brookfield and the Qatar Investment Authority — has been repositioning the area as a mixed-use destination. It has diversified its offerings to include more restaurants, retail spaces, leisure facilities, and residential units. The district’s improved transport connectivity, thanks to the Elizabeth Line, has further bolstered its appeal.
Meanwhile, some financial and tech firms remain committed to Canary Wharf. Barclays and Morgan Stanley have opted to stay, while Citigroup and JPMorgan Chase continue to own their headquarters buildings. Citigroup notably announced a major refurbishment of its tower in 2022.
Fintech players such as Zopa and Revolut have recently signed new leases in the district. One Canada Square now hosts a blend of financial services firms, startups, co-working spaces, and education providers, including tenants like asset manager Brookfield and University College London.
The potential arrival of Visa would provide a major boost to Canary Wharf as it seeks to redefine itself in a competitive post-pandemic commercial property market.
