Despite nearly tripling its workforce since moving into the 10-storey More London office in 2003, EY is evaluating its need for the sizeable office amidst a broader downturn in office space requirement.

The firm, which currently employs over 21,000 people in the UK, with more than 13,500 in London, has adopted a hybrid work policy since 2021. This policy change has left the office busiest only from Tuesday to Thursday, with an 88% occupancy during peak times.

This reassessment is part of a strategic review ahead of the expiration of EY’s 25-year lease in 2028. The review also follows the company’s recent cost-cutting measures, including planned layoffs due to economic uncertainty and its failed break-up plan.

The London office market faces a slump, with approximately 10% of central London offices vacant and landlords offering incentives such as extended rent-free periods to attract tenants. EY’s potential move reflects a wider trend among London-based firms reconsidering the necessity of large office spaces in high-profile locations like Canary Wharf, which has seen significant exits from major companies, The Telegraph reports.