Can the pandemic save WeWork?
February 6, 2021 In an S-1 filing ahead of its ill-fated IPO attempt, WeWork included a recession among its risk factors. What it didn’t anticipate was a pandemic. Over the past year, offices have shuttered around the world. Downtown centers became ghost towns, and revenue dropped sharply for coworking spaces as clients ditched short-term leases. In the second quarter of 2020, US flex office space leasing activity was down 45% year-over-year, according to a report from CBRE. Just this week, coworking space Knotel filed for Chapter 11 bankruptcy. But it’s not all bad news. Over months of Z...
Source: qz.com