WeWork is a commercial real estate company that pioneered the shared workspace market, providing spaces for anyone from freelancers to Fortune 500s. Traditional leases typically require businesses to commit to an office for 5-10 years, whilst WeWork allows its members to scale up from a single hot desk to a private office or custom-built suite, depending on their needs.
WeWork has hundreds of locations across the globe, with hundreds of thousands of members. While its initial rapid growth and dominance in key global hubs was impressive, it has since had to scale back and strategically re-align itself in an unstable economic climate.
There is certainly still potential for WeWork to see renewed growth and success, especially as remote and hybrid working continues to be popular. That said, observers will have to wait to see the eventual affect of its restructuring - and only time will tell what the company's future looks like.
Steph
Company Specialist at Welcome to the Jungle