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Wayfair’s layoffs of 3 percent of its workforce including 350 employees at its Back Bay headquarters mark the end of the online furniture giant’s steady growth as one of Boston’s largest office tenants.

Wayfair had been gobbling up office space in Back Bay by steadily expanding its Copley Place headquarters and scouting additional expansion options before declining financial returns prompted an internal company review. On Thursday, the company notified workers of the cutbacks.

Wayfair leases its 689,000-square-foot corporate headquarters at 4 Copley Place in Back Bay, where it occupies portions of four buildings, along with approximately 340,000 square feet at 500 Boylston-222 Berkeley St. The company also had a lease for 211,000 square feet take effect in December at 10 St. James Ave., but listed that space available for sublease later that month, according to commercial real estate brokerage sources.

Wayfair signed the St. James Ave. lease after receiving a $31.4 million tax break from the Massachusetts Economic Assistance Coordinating Council in exchange for creating 3,000 additional jobs in Boston.

“They had very aggressive hiring projections and were even looking at ground-up options a year or so ago. They were on path to be Boston’s largest tenant, but that’s seems to be out of sight now,” said Tucker White, director of research at Hunneman in Boston.

Despite the reductions, Wayfair’s stock dropped more than 14 percent Thursday.

Wayfair did not respond to a request for comment.