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Schwab Shutters Austin Call Center

AUSTIN-Another 114,000 sf is on the sublease market as Charles Schwab & Co. announces the call center shutdown at Research Park Plaza's Building 1. Three hundred local jobs will be lost and 75 admin positions in four other cities.

By Tim Green | Updated on August 12, 2002

AUSTIN-Soon after one tenant signed to take sublease space off Charles Schwab & Co.’s hands in Austin, the San Francisco-based discount broker announced it would close its Austin call center and put 114,000 sf back on the sublease market.

The closing is the major element of a cost-cutting drive by Schwab as it seeks to cope with continuing difficult market conditions. The company will cut 300 call center jobs in Austin and 75 support and administrative jobs at call centers in Denver, Indianapolis, Orlando and Phoenix.

In Austin, the move adds a chunk of space to a far northwest submarket that’s been saturated with sublease for more than a year. The submarket has about 1.5 million sf of vacant sublease space, accounting for about half of its 3.6 million sf of empty space. The vacancy rate is 34.2% in the far northwest.

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