SIOUX FALLS, S.D. (KELO) - As we wait to hear what will become of Citibank's former location in north Sioux Falls now that Vern Eide has purchased the campus, we're learning that two of the floors within Citibank's new location are now up for lease.

According to the online listing from Bender Commercial, over 85 thousand square feet of the building, which the Citi company moved to in 2019, is available for lease at $29.50 per rentable square foot.

In a statement from Citi regarding the lease listing, a spokesperson tells us, 'While our employees continue to enjoy a hybrid working environment, this decision allows us to rationalize our space, creating an optimal work environment when our teams are in the office together. Sioux Falls remains a key component in Citi's long-range business plan and the local community.'

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"As part of ongoing efforts to optimize our facilities, Citi is listing a portion of our Sioux Falls campus for lease.   While our employees continue to enjoy a hybrid working environment, this decision allows us to rationalize our space, creating an optimal work environment when our teams are in the office together.  Sioux Falls remains a key component in Citi's long-range business plan and the local community." - Citi spokesperson

Six years ago, the COVID-19 pandemic changed the work environment for many companies, especially the call center industry, as having workers be remote or hybrid became more popular.

In this Your Money Matters, we take a look at what the current demand is for the city's larger office spaces.

Just before the pandemic hit, Citibank moved to a new location, and NAI Sioux Falls was tasked with leasing out the nearly 370,000 square feet of Citibank's former location.

"Just going through our tenure of marketing for lease, to go through COVID and have that completely shift and change the use of call centers, you know, it really hurt our abilites to find new tenants, in addition to finding new owners, either and owner occupant-type use," Gregg Brown, a partner with NAI Sioux Falls, said. "I think call centers, in general, across the nation are struggling with that."

According to Bender Commercial's Market Outlook released in February, Sioux Falls had a 12.1% overall vacancy rate in office spaces, which was well below the national vacancy average of just over 20%. A large chunk of those vacancies is in the larger office space properties of 10 thousand square feet or more. Still, brokers at Bender Commercial are seeing the demand for those large spaces increasing.

"Call center space has been sitting in recession for several years, so I really do think, with a strong buyer interest that we're seeing toward the end of 2025 and into 2026, this will definitely be the year for call center space," Andi Anderson, a principal at Bender Commercial, said during Bender's Market Outlook presentation in February.

Gregg Brown, back at NAI Sioux Falls, says large call center office spaces that do get sold, like the former Citibank location, will likely get repurposed or demolished completely.

"So it's the end of an era to kind of have, like, a full campus with people and, you know, daycare and kitchen, you know cafeteria, and a fitness facility. Where you could start your career and end your career all under one campus," Brown said.

Other large office spaces that have recently sold in Sioux Falls include a former Wells Fargo call center near West 60th Street North and North Minnesota Avenue, which Silencer Central purchased, and a call center on South Technology Drive, which the non-profit Collision Ministries purchased. The US Bank offices in downtown Sioux Falls were also recently sold to AC Hotels by Marriott.

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