Congratulations are in order for this visionary merger that could benefit the whole sector
In an economic era where confidence in financial fundamentals has been severely compromised the bringing together of Deloitte and Drivers Jonas, two well respected organisations, no doubt eager to cross-sell services, should help to encourage an increase in demand for honesty and transparency in the commercial property market.
The smarter end of property consultancy has been moving towards a more comprehensive business-focused service offering for some time now, and the accountancy providers needed additional credibility in the real estate advisory market.
During periods of economic uncertainty, such as the one the property and construction industry is currently enduring, key decisions are driven by a combination of circumstance and attitude.
In some cases a siege mentality can easily set in with a dogged focus on cutting costs in response to declining workload being seen as the way to survive.
In other cases the search for a survival formula produces a more entrepreneurial approach where a difficult market is viewed as an opportunity to invest, make changes and extract value.
The news of this merger should act as a catalyst for others to leave the bunker, develop opportunities and secure long term value by shrewd investment
The news of this merger should act as a catalyst for others to leave the bunker, develop opportunities and secure long-term value by shrewd investment.
Nick Shepherd and John Connolly deserve congratulation on their vision which, in my view, will benefit the whole sector.
Consolidation in the market, both in terms of contractors and consultants, will continue, as will headline-making moves such as the decision by architect RMJM to secure the services of former RBS banker, Sir Fred Goodwin.
Personally I find the Drivers Jonas news refreshing and inspirational. Consolidation is often about identifying synergy and a desire to reduce overheads and competition.
This merger between such long-established, high-profile players may, in due course, have a much wider beneficial effect on the property-related professional consultancy market than simply a happy outcome for Deloitte and Drivers Jonas.