Visa Commits to One Canada Square, Canary Wharf Leasing Rebounds

Visa will lease 300,000 square feet at One Canada Square on a 15 year term, with relocations targeted around 2028, Reuters reported on Friday. The planned move, first flagged by the Financial Times, comes as Canary Wharf’s occupier metrics have improved after a period of elevated vacancy following the pandemic.

Market participants said the scale and length of Visa’s commitment is notable because it provides long dated cash flow for a building that for years struggled with submarket weakness. Canary Wharf Group told Reuters the deal is part of an uptick in leasing demand in 2025. That broader improvement has been reflected in several recent corporate commitments to docklands offices, which together suggest a rebalancing in demand toward high quality, well connected space.

The Visa agreement will relieve some of the pressure that owners and lenders faced during the pandemic, when remote working and subdued demand left parts of the London office market with high vacancy and significant incentives to attract tenants. Analysts say a large, multinational occupier taking a long lease reduces the need for landlords to offer steep rent discounts or flexible break clauses, and it signals to other tenants and investors that institutional grade assets can command renewed interest.

For investors the deal has multiple implications. A committed 15 year lease improves the income profile of One Canada Square and may support pricing for comparable assets in the submarket. It could also ease refinancing negotiations for owners who have faced tighter lending terms in recent years. In markets where yields widened sharply on concerns about long term office demand, sustained interest from corporate tenants helps narrow the gap between expectations of owners and buyers.

The move also speaks to a broader trend in London’s office geography. Since the pandemic central London saw a redistribution of demand, with some firms opting for suburban or hybrid solutions. The concentration of high quality infrastructure, transport links and newer sustainability certifications has helped certain locations, including Canary Wharf, regain appeal. Corporate commitments to long leases suggest firms are increasingly weighing the benefits of consolidated urban campuses as part of hybrid strategies.

Policy makers and local officials will be watching how renewed leasing activity translates into employment and local economic activity. Canary Wharf’s recovery could support retail and service sectors in the Docklands and bolster tax revenues for local authorities. At the same time developers and councils face choices about conversion of secondary stock to other uses, a process that could accelerate if demand remains uneven across the market.

While one transaction does not reverse structural shifts in how and where people work, Visa’s planned relocation is a significant signal. If other large firms follow and occupancy continues to rise through 2026, the Docklands could move from recovery to sustained expansion, reshaping investor expectations and the long term balance between office supply and demand in London.