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Professionals Face Massive Staff Costs on Relocation

LONDON-Professional firms stand to lose 11% of their fee income in staff replacement costs if they make an ill-judged relocation, according to new research from GVA Grimley.

By Graham Parker | Updated on August 21, 2001

LONDON-Management consultancies, accountants and law firms could face a staff replacement bill amounting to 11% of their annual fee income if they relocate their offices away from their traditional base in the City of London, according to a new study from GVA Grimley.

The research found that nearly a quarter of City-based professionals would seriously consider changing employer specifically to avoid having to work in a less central location. And nearly three quarters said they would almost certainly look for another job if their firm relocated to a business park inside the M25.

GVA Grimley partner Nick McCalmont-Woods says: ‘Many professional services firms see improving their office environment as a way of retaining key staff, and, others are keen to move to lower rent areas to reduce costs. Ironically, in London there are considerable risks, as well as benefits, in making a move of this kind.’

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