TOWN AND COUNTRY, Mo. — The Charles Schwab Corp. will close some of its smaller offices, including one in the St. Louis area, as the brokerage firm said it has reevaluated its real estate needs.
Employees who work at the company’s 700 Maryville Centre site will move to full-time remote work, the company said. The company didn’t provide a timeline.
“There will be no impact to client service,” a spokesperson said.
Charles Schwab joins a growing list of companies reworking their real estate portfolios. That’s because office demand has tapered off as more companies embrace remote or hybrid models, relocate and likely downsize into higher-quality space, or defer any major real estate decisions until the economy strengthens.
The St. Louis office market continues to face tough times, as vacancy rates keep rising. The current vacancy rate is nearly 20%, up around 2% from the year-ago quarter, according to Colliers first-quarter 2023 St. Louis office report.
