EY considers downsizing from London HQ office - report

Financial services firm EY is considering a move from its London headquarters into more modest premises as it weighs up work-from-home dynamics and carbon emissions targets.

Sources familiar with the matter told the UK Telegraph that the firm's aim to reach carbon net zero in 2025 was inspiring the conversation around shifting to a smaller and greener office.

The auditor's UK and Ireland business has been occupying the 10-storey 1 More London Place headquarters building since 2003. Its 25-year lease on the property near London Bridge expires in 2028.

Hybrid working practices, which have been in place since 2021, may also be influencing the analysis. EY has said it expects staff to work at least two days from home, according to reports, but the office is close to 88% occupied Tuesdays-Thursdays.

EY said in a statement: 'As a growing business with over 20 offices across the UK, we continually review our real estate footprint. We do not comment on speculation.'

If EY does end up moving, it will be the latest in a line of corporates pursuing a downsizing policy.

This summer, bank HSBC signalled its intention to leave Canary Wharf and move to new premises near St Paul's Cathedral offering about half the leasable area of its current office.

HSBC's new office, Panorama St Paul's, is being developed by Orion Capital Managers, and is targeting practical completion in Q1 2025.

 

Photo by David Iliff. License: CC BY-SA 3.0

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