Canary Wharf is entering one of its most significant phases of regeneration in more than a decade, following two landmark announcements that signal the Square Mile’s return to dominance in European finance. Visa Europe has confirmed it will relocate its regional headquarters to One Canada Square, while JP Morgan Chase has unveiled plans for a new three-million-square-foot tower on Riverside South, a development that could contribute nearly £10 billion to the UK economy.
Visa’s decision marks a decisive shift in London’s competitive office landscape. The company has agreed a 15-year lease covering 300,000 square feet at One Canada Square, relocating its European headquarters from Paddington to Canary Wharf from 2028. The move represents a strategic investment in digital payments infrastructure and the wider ecosystem that supports Europe’s financial markets. Visa’s Regional President and CEO, Antony Cahill, described the relocation as a bold next step, emphasising that the Wharf will provide a modern and collaborative environment to shape the future of digital payments with resilience and security at its core.
Canary Wharf Group (CWG) has enjoyed strong leasing momentum throughout 2025, recording more than 750,000 square feet of new office transactions, its strongest year in more than a decade. CWG Chief Executive Shobi Khan said Visa’s arrival reinforces the district’s evolution into a mixed-use, amenity-rich environment, home to more than 65 fintech firms and a growing tech and AI community. More than £7 billion has been invested in new developments and infrastructure at Canary Wharf over the past six years, positioning the estate as one of the most well-capitalised business districts globally.
Visa joins a list of major international institutions that continue to commit to the Wharf, including Barclays, Citi, BBVA, HSBC, Morgan Stanley, Revolut, Fitch and UCL. Among them is JP Morgan Chase, which this autumn confirmed one of the most ambitious commercial developments announced in the UK since the financial crisis. The firm plans to build a new European headquarters on its longstanding Riverside South site, creating a tower with twice the floor space of the Shard and the capacity to accommodate up to 12,000 staff.
The project, at roughly three million square feet, will be JP Morgan’s most significant presence across Europe, the Middle East and Africa. The design, including final height and architectural detailing, is still under discussion, but construction is expected to begin as soon as planning approvals are secured. The independent economic assessment commissioned by the bank suggests the development could add approximately £9.9 billion to the UK economy during the six-year construction period alone.
JP Morgan CEO Jamie Dimon described the decision as a lasting commitment to London and a direct response to the government’s renewed focus on economic growth. Chancellor Rachel Reeves called the investment a multi-billion-pound vote of confidence in the UK economy, echoing the bank’s view that stability and clear policy direction were critical factors in the decision-making process.
For Canary Wharf, JP Morgan’s return to large-scale office development is a defining moment. The district had faced challenges in the years following the pandemic, with a rise in vacancy rates and shifts in working patterns. Much of the new development pipeline had transitioned towards residential schemes, and questions persisted about the long-term viability of large commercial towers. The announcement reverses this narrative decisively, restoring momentum to the financial district and signalling a structural shift back towards corporate investment and in-person collaboration.
Combined with Visa’s relocation, the two projects suggest a renewed confidence in the Wharf as the leading financial and fintech hub in Europe. The scale of investment, coupled with a rapidly diversifying tenant base, indicates that Canary Wharf is entering a new cycle of growth. As global firms consolidate operations in London and seek high-quality space with strong connectivity, the district appears well positioned to attract further blue-chip occupiers over the coming years.
Canary Wharf, once challenged by post-pandemic uncertainties, is now reshaping itself through significant commercial commitments, technological innovation and substantial capital investment. With major financial institutions expanding their presence and long-awaited development sites being reactivated, the district is regaining the title it has long claimed: the banking capital of Europe.
Visa’s decision marks a decisive shift in London’s competitive office landscape. The company has agreed a 15-year lease covering 300,000 square feet at One Canada Square, relocating its European headquarters from Paddington to Canary Wharf from 2028. The move represents a strategic investment in digital payments infrastructure and the wider ecosystem that supports Europe’s financial markets. Visa’s Regional President and CEO, Antony Cahill, described the relocation as a bold next step, emphasising that the Wharf will provide a modern and collaborative environment to shape the future of digital payments with resilience and security at its core.
Canary Wharf Group (CWG) has enjoyed strong leasing momentum throughout 2025, recording more than 750,000 square feet of new office transactions, its strongest year in more than a decade. CWG Chief Executive Shobi Khan said Visa’s arrival reinforces the district’s evolution into a mixed-use, amenity-rich environment, home to more than 65 fintech firms and a growing tech and AI community. More than £7 billion has been invested in new developments and infrastructure at Canary Wharf over the past six years, positioning the estate as one of the most well-capitalised business districts globally.
Visa joins a list of major international institutions that continue to commit to the Wharf, including Barclays, Citi, BBVA, HSBC, Morgan Stanley, Revolut, Fitch and UCL. Among them is JP Morgan Chase, which this autumn confirmed one of the most ambitious commercial developments announced in the UK since the financial crisis. The firm plans to build a new European headquarters on its longstanding Riverside South site, creating a tower with twice the floor space of the Shard and the capacity to accommodate up to 12,000 staff.
The project, at roughly three million square feet, will be JP Morgan’s most significant presence across Europe, the Middle East and Africa. The design, including final height and architectural detailing, is still under discussion, but construction is expected to begin as soon as planning approvals are secured. The independent economic assessment commissioned by the bank suggests the development could add approximately £9.9 billion to the UK economy during the six-year construction period alone.
JP Morgan CEO Jamie Dimon described the decision as a lasting commitment to London and a direct response to the government’s renewed focus on economic growth. Chancellor Rachel Reeves called the investment a multi-billion-pound vote of confidence in the UK economy, echoing the bank’s view that stability and clear policy direction were critical factors in the decision-making process.
For Canary Wharf, JP Morgan’s return to large-scale office development is a defining moment. The district had faced challenges in the years following the pandemic, with a rise in vacancy rates and shifts in working patterns. Much of the new development pipeline had transitioned towards residential schemes, and questions persisted about the long-term viability of large commercial towers. The announcement reverses this narrative decisively, restoring momentum to the financial district and signalling a structural shift back towards corporate investment and in-person collaboration.
Combined with Visa’s relocation, the two projects suggest a renewed confidence in the Wharf as the leading financial and fintech hub in Europe. The scale of investment, coupled with a rapidly diversifying tenant base, indicates that Canary Wharf is entering a new cycle of growth. As global firms consolidate operations in London and seek high-quality space with strong connectivity, the district appears well positioned to attract further blue-chip occupiers over the coming years.
Canary Wharf, once challenged by post-pandemic uncertainties, is now reshaping itself through significant commercial commitments, technological innovation and substantial capital investment. With major financial institutions expanding their presence and long-awaited development sites being reactivated, the district is regaining the title it has long claimed: the banking capital of Europe.
image: constructionmagazine.uk
What Will These Two Projects Mean for London Construction?
JP Morgan’s decision to proceed with a three-million-square-foot headquarters at Riverside South represents one of the largest commercial construction opportunities the capital has seen in more than a decade. The scale of the scheme will activate a long-dormant site and generate an extensive pipeline of work across design, engineering, fit-out, façade systems, MEP installations and specialist structural packages. With construction expected to span six years, the project offers continuity for contractors, consultants and suppliers at a time when long-term commercial commitments remain rare in the UK market. It also signals a renewed appetite for major corporate investment in London, reinforcing confidence in the city as a global centre for finance and professional services.
Visa’s relocation will generate a different but equally meaningful set of impacts. One Canada Square will require significant adaptation to house the company’s next-generation digital payments hub, including upgrades to data infrastructure, energy systems and collaborative working environments. While the tower is among London’s most recognisable commercial buildings, the shift towards hybrid working and high-spec technology suites means the space will undergo a substantial retrofit programme. This will support London’s retrofit sector, which has become a central pillar of the city’s construction economy as firms seek to modernise rather than replace existing office stock. The project is expected to drive specialist demand for sustainable building systems, cybersecurity-driven infrastructure and advanced digital connectivity.
Together, these two commitments mark a turning point for Canary Wharf. The district has demonstrated resilience through economic cycles, market uncertainty and the structural shocks introduced by the pandemic. While many financial centres across Europe have faced volatility in leasing markets, Canary Wharf’s leadership has consistently pursued a long-term strategy of diversification, investment and placemaking. More than £7 billion has been channelled into infrastructure, public realm improvements and mixed-use development, strengthening the Wharf’s ability to attract both blue-chip tenants and emerging tech firms.
The arrival of JP Morgan’s new tower and Visa’s European headquarters reinforces the district’s long-standing position as the banking hub of Europe. It reflects a convergence of factors that Canary Wharf has carefully cultivated: world-class transport connectivity, a resilient leasing market, a deepening technology ecosystem and a business environment designed for growth. The stewardship shown by Canary Wharf Group throughout the past decade (particularly through the pandemic) demonstrates a clear understanding of how to adapt to global pressures while positioning the district for future expansion.
As these two landmark projects progress, they will not only reshape the skyline but also consolidate Canary Wharf’s role as the centre of European finance. The momentum behind them illustrates that, despite economic headwinds, London continues to be the preferred destination for global institutions seeking stability, talent and strategic opportunity. The construction sector stands to benefit significantly, with long-term contracts, specialist retrofit demand and renewed investor confidence signalling a strong and sustained phase of activity across the Wharf and the wider city.
JP Morgan’s decision to proceed with a three-million-square-foot headquarters at Riverside South represents one of the largest commercial construction opportunities the capital has seen in more than a decade. The scale of the scheme will activate a long-dormant site and generate an extensive pipeline of work across design, engineering, fit-out, façade systems, MEP installations and specialist structural packages. With construction expected to span six years, the project offers continuity for contractors, consultants and suppliers at a time when long-term commercial commitments remain rare in the UK market. It also signals a renewed appetite for major corporate investment in London, reinforcing confidence in the city as a global centre for finance and professional services.
Visa’s relocation will generate a different but equally meaningful set of impacts. One Canada Square will require significant adaptation to house the company’s next-generation digital payments hub, including upgrades to data infrastructure, energy systems and collaborative working environments. While the tower is among London’s most recognisable commercial buildings, the shift towards hybrid working and high-spec technology suites means the space will undergo a substantial retrofit programme. This will support London’s retrofit sector, which has become a central pillar of the city’s construction economy as firms seek to modernise rather than replace existing office stock. The project is expected to drive specialist demand for sustainable building systems, cybersecurity-driven infrastructure and advanced digital connectivity.
Together, these two commitments mark a turning point for Canary Wharf. The district has demonstrated resilience through economic cycles, market uncertainty and the structural shocks introduced by the pandemic. While many financial centres across Europe have faced volatility in leasing markets, Canary Wharf’s leadership has consistently pursued a long-term strategy of diversification, investment and placemaking. More than £7 billion has been channelled into infrastructure, public realm improvements and mixed-use development, strengthening the Wharf’s ability to attract both blue-chip tenants and emerging tech firms.
The arrival of JP Morgan’s new tower and Visa’s European headquarters reinforces the district’s long-standing position as the banking hub of Europe. It reflects a convergence of factors that Canary Wharf has carefully cultivated: world-class transport connectivity, a resilient leasing market, a deepening technology ecosystem and a business environment designed for growth. The stewardship shown by Canary Wharf Group throughout the past decade (particularly through the pandemic) demonstrates a clear understanding of how to adapt to global pressures while positioning the district for future expansion.
As these two landmark projects progress, they will not only reshape the skyline but also consolidate Canary Wharf’s role as the centre of European finance. The momentum behind them illustrates that, despite economic headwinds, London continues to be the preferred destination for global institutions seeking stability, talent and strategic opportunity. The construction sector stands to benefit significantly, with long-term contracts, specialist retrofit demand and renewed investor confidence signalling a strong and sustained phase of activity across the Wharf and the wider city.