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September 23, 2010
Deloitte Moves HQ To London
Big Four accounting firm Deloitte announced that it would be moving its Swiss headquarters to London. This may have plenty to do with tax implications, but is also a huge vote of confidence in the London economy and service sector. The move also strikes me as ironic. I know that Deloitte isn’t a banking institution and it won’t be hit by the same bonus problems that are arising, but it is ironic that when industry oracles have predicted a mass exodus of banking and finance companies, an accountancy firm has decided to move in.
This will have a significant impact on the office market as well. Deloitte itself will have to find a big section of high end office space to occupy, certainly, but that won’t be too hard considering the amount of new buildings and vacant high-rises. Yes, Deloitte already has an office but headquarters require adding the extra staff it takes to captain a multinational ship of industry. Plus they may want to upgrade on prestige. This will mean, though, that other firms will have to drop down in the office food chain. A bigger floor plate for Deloitte is not the end of the implications, though. Like any major organisation, there will be companies that find major revenue in working with Deloitte’s headquarters. The law firms, various consultants, IT experts and other firms (presumably they do their own accounting and taxes) that work with Deloitte will have to add or expand offices here. That will mean that all levels of office space, from big floor plates filled with accountants to small offices of Venture Capitalists and Forex brokers, will be affected by any influx of supporting companies needing to be close to the Deloitte HQ.
As though finding good office space wasn’t hard enough…