Charles Schwab Joins Exodus from Downtown Portland with Relocation to Slabtown and Lake Oswego

Charles Schwab will move its downtown Portland branch to Slabtown and Lake Oswego in June 2026, joining a wave of businesses leaving Morrison Street.

By: AXL Media

Published: Apr 8, 2026, 10:46 AM EDT

Source: Information for this report was sourced from The Oregonian/OregonLive

Charles Schwab Signals Departure from Historic Park Avenue West Tower

In a significant shift for Portland’s financial district, Charles Schwab has announced it will vacate its long-standing branch at 820 S.W. Morrison St. by June 2026. The office, situated on the ground floor of the 30-story Park Avenue West tower, has been a fixture of the downtown core. The firm’s exit represents yet another loss for the Southwest Morrison Street corridor, an area that has struggled to maintain its commercial vibrancy amid shifting urban dynamics and business climate concerns.

Relocation Strategy Targets Slabtown and Lake Oswego Growth

Rather than a total withdrawal from the region, Schwab is executing a strategic pivot toward high-growth neighborhoods. A company spokesperson confirmed that the 20 employees currently based in the downtown office will be reassigned to a forthcoming branch in the trendy Slabtown district and a secondary location in Lake Oswego. This move aligns with a broader corporate trend of following high-net-worth client bases to more accessible, suburban, or redeveloped urban pockets.

The Growing Vacuum of National Retailers on Morrison Street

The departure of the investment firm adds to a mounting vacancy crisis along the Morrison Street corridor. The branch sits in the shadow of the former downtown Target, which shuttered in October 2023 due to organized retail crime and safety issues. The regional retail landscape was further dampened earlier this year when Nordstrom Rack closed its doors at the corner of Southwest Third Avenue, followed shortly by the March 2026 closure of the CVS Pharmacy across from Pioneer Courthouse Square.