5 August 2025 — Global payments leader Visa is in advanced negotiations to relocate its UK headquarters from Paddington Central to One Canada Square, the iconic skyscraper at the heart of London’s Canary Wharf business district.
The proposed move would see Visa occupy around 170,000 square feet of prime office space, previously held by credit rating agency Moody’s, which is itself moving operations to the City of London.
A Vote of Confidence in Canary Wharf
The potential relocation comes at a critical time for Canary Wharf’s commercial property market. In recent years, the district has faced challenges as several high-profile tenants — including Clifford Chance, State Street, and HSBC — have either reduced their footprint or planned relocations.
However, Visa’s planned arrival signals that demand for well-located, high-quality space remains strong, particularly among global financial and technology firms. Other major tenants such as Morgan Stanley, Barclays, and JPMorgan have chosen to remain in Canary Wharf, with some even expanding their presence.
The Office Leasing Landscape
London’s overall office leasing activity has shown signs of resilience. In the second quarter of 2025, total take-up across the capital reached 2.7 million square feet, marking an 18% year-on-year increase.
Market analysts attribute this rebound to:
- A scarcity of new office developments, pushing occupiers to start location searches earlier to secure large contiguous floor plates.
- A flight to quality, as companies seek modern, sustainable spaces that support flexible working and employee wellbeing.
- Competitive leasing terms, with landlords in certain submarkets offering incentives to attract and retain anchor tenants.
Visa’s potential move to One Canada Square aligns with this trend, giving the company a prestigious address in a tower recognised globally, while benefiting from Canary Wharf’s strong transport links, retail amenities, and growing mix of financial and technology tenants.
Why Canary Wharf Still Attracts Global Players
Despite talk of an “exodus” from Canary Wharf, the district remains one of London’s most compelling business hubs. Key advantages include:
- Transport connectivity, with access to the Jubilee line, Docklands Light Railway, and the Elizabeth Line, enables fast travel to the City, West End, and Heathrow Airport.
- Modern infrastructure, with large, flexible floor plates rare in other parts of central London.
- Amenities and lifestyle offerings, including restaurants, gyms, event spaces, and waterfront leisure areas.
Visa’s arrival would help counterbalance the departures of traditional banking giants and reinforce Canary Wharf’s position as a mixed financial-tech hub.
Strategic Timing for Visa
For Visa, the move could reflect both brand positioning and operational efficiency. Consolidating in a single, well-equipped headquarters offers the potential for:
- Enhanced collaboration between teams.
- Access to newer, more energy-efficient office designs.
- A prominent location that reflects the company’s global standing.
With One Canada Square already recognised as one of Europe’s tallest and most prestigious office buildings, the relocation would provide Visa with a visible, long-term home in London’s evolving financial landscape.
Conclusion
If finalised, Visa’s relocation to Canary Wharf would be one of the most significant office leasing deals in London this year. It would deliver a welcome boost to Canary Wharf’s leasing momentum and showcase the district’s ability to adapt to shifting tenant demands.
For the wider London office market, the move adds to a growing list of signs that demand for prime office space remains strong, despite economic headwinds and changing work patterns. With supply constrained and competition for quality space rising, early movers like Visa are positioning themselves to secure the best that London has to offer.
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