SAN ANTONIO – Local insurance and financial services giant USAA announced that the company will be vacating its downtown office space by the end of 2022.
After largely leaving the 300 Convent building and putting it on the sublease market, the company had retained a relative skeleton crew within the urban core.
It’s a remarkable turnaround of the company’s initial plans for the building when it was purchased by USAA Real Estate Co. in 2017 and emblematic of the state of the office market, as large corporations make decisions on whether or not the value remains in keeping massive amounts of square footage on their balance sheets.
CEO Wayne Peacock told the Business Journal that consolidating is the right move to help ensure future growth.
“Like many companies, the pandemic and a shift to hybrid and remote working have changed our real estate need as we have ample space for current and future employees in our Home Office campus,” he said. “San Antonio has been our headquarters for 100 years, and we will continue to grow here, bring in new talent and be a good corporate citizen in the San Antonio community.”
USAA spokesman Roger Wildermuth said that there are currently 500 employees assigned to offices downtown, with most of them working in a hybrid role. He said that the company has been slowly exiting much of their office footprints nationwide, with the exception of a new office that opened in Charlotte earlier this year.
Read the full story in the San Antonio Business Journal.
Editor’s note: This story was published through a partnership between KSAT and the San Antonio Business Journal.