Can the pandemic save WeWork? ...Middle East

Quartz - Economy

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.

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Last updated : 06 February 2021 clock 12:30 PM

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