Visa is about to take over approximately 15,800 square meters of office space in One Canada Square in London's financial district Canary Wharf. This would mean the payment service provider would relocate its European headquarters there from its current location in Paddington starting in 2028. The negotiations are focused on spaces that Moody's is vacating — the rating company is moving to a new building near St. Paul's Cathedral next year.

A possible conclusion of the lease agreement would occur at a time when many major tenants are withdrawing from Canary Wharf. HSBC, State Street, and Clifford Chance are relocating their sites to the City of London. Deutsche Bank is also currently reviewing its presence in the eastern Docklands area.

With a vacancy rate of nearly 18 percent in the second quarter, Canary Wharf is well above the London average of around 11 percent. The owners are responding: Canary Wharf Group, jointly controlled by Brookfield and the Qatar Investment Authority, is investing heavily in a broader usage concept - with restaurants, leisure facilities, apartments, and hotels, supported by the connection to the Elizabeth Line.

Despite the challenges, the location succeeds in attracting new tenants: Fintechs like Zopa and Revolut are settling in, Barclays and Morgan Stanley remain. Citigroup and JPMorgan Chase own their towers themselves – Citi has been planning a comprehensive modernization since 2022.

With Visa's potential move-in, Canary Wharf could attract a notable blue-chip company – an important signal in a changing market environment where flexible usage concepts and mixed rental structures are becoming the new normal.