Instead of expanding in San Fran—where there is an office vacancy rate of 20.9%, highest in twenty years, VISA is expanding to Atlanta. Unlike San Fran Atlanta has become a hotbed of financial companies. San Fran is a hotbed for the moving vans, moving firms and families out of town. It is no longer a living city.
“Visa, headquartered in San Francisco, could be seeking several floors of office space, or up to 120,000 square feet. The 1200 Peachtree building has almost 375,000 square feet after Norfolk Southern decided to move into its new Midtown headquarters.
Visa declined comment about its possible expansion in Atlanta, a U.S. financial technology and payment processing hub nicknamed “Transaction Alley.” Up to 70% of all global transactions pass through companies headquartered in the city.
Before the pandemic, Visa had Atlanta employees based in co-working spaces, but it shifted to a work-from-home model over the past year and a half. An expansion in Atlanta would show a commitment to in-person collaboration, even as other companies question whether an office is needed at all. Atlanta scheduling startup Calendly is scrapping its office and keeping its 300-person team remote, while other local companies are retaining physical presences but rethinking how employees use the space. “
Good decision for VISA and its employees—who wants to live and work among human and dog feces, a police department afraid to arrest criminals—literally stand by and watch as crooks steal from retail stores. Note that the California media is silent on this expansion by VISA.
Credit card giant Visa eyes Midtown for expansion
Visa is considering Atlanta for an expansion.
By Erin Schilling and Donnell Suggs – Atlanta Business Chronicle , 7/6/21
Global credit card giant Visa has been scouting Midtown office space for a significant expansion, according to multiple sources familiar with the plans.
The former headquarters of Norfolk Southern Corp. is emerging as one of the possibilities, sources told Atlanta Business Chronicle. Cousins Properties Inc., which owns the building known as 1200 Peachtree Street and recently launched renovations, declined comment.
Visa, headquartered in San Francisco, could be seeking several floors of office space, or up to 120,000 square feet. The 1200 Peachtree building has almost 375,000 square feet after Norfolk Southern decided to move into its new Midtown headquarters.
Visa declined comment about its possible expansion in Atlanta, a U.S. financial technology and payment processing hub nicknamed “Transaction Alley.” Up to 70% of all global transactions pass through companies headquartered in the city.
Before the pandemic, Visa had Atlanta employees based in co-working spaces, but it shifted to a work-from-home model over the past year and a half. An expansion in Atlanta would show a commitment to in-person collaboration, even as other companies question whether an office is needed at all. Atlanta scheduling startup Calendly is scrapping its office and keeping its 300-person team remote, while other local companies are retaining physical presences but rethinking how employees use the space.
Visa (NYSE: V) would add another high-profile financial technology company to Midtown, — considered the nucleus of Atlanta’s thriving technology ecosystem. Fellow industry giants NCR Corp. (NYSE: NCR) and Equifax Inc. (NYSE: EFX) already have major offices in the neighborhood.
Tech companies gravitate to Midtown because of Tech Square, Georgia Tech’s 1.4 million-square-foot innovation district, where startups, corporate innovation centers and research labs cluster around the university’s campus. Blake Patton, the founder of Tech Square Ventures investment firm, says the district allows for more collaboration in the tech ecosystem.
With a new Atlanta office, Visa could tap into the city’s fintech talent, coming from the university system and employees of other companies. Georgia Tech hosts professional development for fintech employees and has a Financial Services Innovation Lab in Tech Square. The Georgia Fintech Academy also trains fintech professionals and partners with potential employers.
Atlanta has also become a hot spot for other tech expansions because of its diversity, attracting tech behemoth Microsoft and Silicon Valley icon Airbnb. Both are developing East Coast hubs. Research shows that expanding into diverse communities help companies increase employee diversity, boosting innovation and profits.
Recommended
Visa has been touring Midtown properties, real estate professionals said. While 1200 Peachtree may be a favorite, several buildings offer possibilities. Tower Square, the former AT&T operations center in Technology Square, has just over 1.3 million square feet of contiguous office space available, according to real estate analytics firm CoStar Group.
Farther north in Midtown, The Campanile Building at 1155 Peachtree Street has over 400,000 square feet. On the Atlanta Beltline Eastside Trail, where several companies have moved in recent years, Ponce City Market has just over 140,000 square feet of space for lease.
“It’s usually a benefit to have contiguous space in a building, but sometimes firms can get around they by having a few large blocks of space in a building,” CoStar Director of Market Analytics David Kahn said.
For example, children’s apparel brand Carter’s anchors Buckhead’s Phipps Tower on floors 16-20, but also occupies half of the 10th floor, and all of floors 2, 3, and 5 through 8.
