Moving

Charles Schwab Slashing Downtown San Francisco Workplace House

Charles Schwab will vacate some of its downtown San Francisco office space to reduce the company’s real estate footprint.

Schwab spokesman Pete Greenley said the company will also reduce its presence in Boston, Chicago, Jersey City and Henderson, Nevada by “closing floors or offices and then relocating within a similar region.”

Employees at Schwab’s 211 Main St. location in San Francisco’s Financial District are eligible for remote work, Greenley said in a statement. He did not comment on the company’s immediate plans for the downtown San Francisco location.

According to Greenley, the purpose of this move is to use resources appropriately to “support” the company’s customers, employees, and stakeholders.

Schwab will also close locations in Atlanta, San Antonio, San Diego, St. Louis and Tampa, with employees at those locations also transitioning to remote work, Greenley said.

“There are no changes to our major centers and campuses or to the presence of our offices,” he said. “There will be no impact on customer service.”

The company’s headquarters were in San Francisco from 1971 until 2021, when the company moved its operations to Westlake, Texas, a suburb of Dallas-Forth Worth.

The announcement comes as researchers from the McKinsey Global Institute released a report in July that attempts to quantify the negative impact of remote work, noting that San Francisco “still has the worst prospects” of peer cities across the country when it comes to falling commercial property values.

According to the real estate company CBRE, the office vacancy rate in San Francisco is currently just over 31%.

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