Financial services firm TIAA will have another round of layoffs this year.

TIAA will begin laying off 31 workers from its downtown office beginning Dec. 1, according to a filing to state officials required by the Worker Adjustment and Retraining Notification Act (WARN).

The company is planning to leave its major Denver office building in 2026.

Last year, the firm notified workers it would relocate 1,000 workers from Denver to Frisco, Texas — where the company built a new 15-story corporate center next to the Dallas Cowboys headquarters and practice facility.

The company is exiting Denver three years before its lease at 1670 Broadway expires in 2029, marking another addition to downtown’s struggles with high office vacancies.

Downtown Denver’s vacancy rate nearly hit 37% in the second quarter, according to commercial real estate firm CBRE. The problem is even more drastic in the Central Business District, the subneighborhood TIAA’s tower is located, where 41% of the real estate is empty.

Following the announcement, the company said relocating will “provide substantial savings in rent and operational costs – savings which TIAA can then invest in business needs and serve the best interests of clients.”

This is the third round of layoffs at TIAA this year.

The first round cut 84 workers in April and the second round cut 66 employees in August, according to the WARN letters sent previously. A total of 181 workers will have been cut in 2025 after this round.

The company did not announce layoffs at the Broomfield Data Center office, also set for permanent reductions, in this round.