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Handout IWG PLC, the world’s biggest co-working company, is trying to adapt its business model to reduce its exposure to long-term office leases as dozens of its locations in Canada and the United States restructure under creditor protection. The pandemic’s work-from-home mandates have exacerbated weaknesses with the co-working business of rent arbitrage. IWG and other flexible office providers such as WeWork and Knotel have had to continue paying rent on their long-term property leases while their revenue evaporated because their short-term subtenants stopped using their space. Story continues below advertisement Now, Swiss-based IWG will focus on a plan to get out of rent arbitrage and move to franchises, a model in which franchisees will be responsible for the office leases. As well, it is pursuing partnerships with landlords where IWG would act as the property manager and not be on the hook for the office lease. ....
Andy Jassy will be the next CEO of Amazon. Insiders dish on what it's like to work for him. yahoo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yahoo.com Daily Mail and Mail on Sunday newspapers.
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 Zoom calls and Slack check-ins, office workers have had plenty of time to mull what it would mean to go (back) to the office. And while demand for flexible space has fallen, commercial real estate analysts say the future for coworking looks bright in part because big companies are now joining solo entrepreneurs in prizing office-space flexibility. Before the pandemic, commercial rea ....
Real estate and co-working start-up Knotel Inc has secured a judge's approval of a bankruptcy loan despite concerns from a junior creditor that the lender is trying to push through a speedy sale process for its own benefit. ....