WeWork accounted for 69% of coworking space leases in third quarter, even as crisis loomed
Key Points
  • WeWork’s share of new flex space lease activity jumped to 69% in the third quarter, up from 68% in the second quarter and 60% in the same period a year earlier, according to CBRE.

  • The top markets for WeWork were New York, Los Angeles and Boston.

  • CBRE is ratcheting down its growth projections for the flex space market amid the WeWork fallout.

On the last day of the third quarter, WeWork withdrew its IPO filing and kicked off a desperate race to find fresh capital to keep the business afloat. At the same time, the company was wrapping up a period of breakneck expansion, signing up big facilities in cities like New York, Los Angeles and Boston.

According to data just released by real estate firm CBRE and provided to CNBC, WeWork leased a total of about 2.8 million sq ft....

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RSK: Yes, landlords will now start to share in the rewards as well as the risks.



- - Volume: 7 - WEEK: 46 Date: 11/12/2019 9:25:33 AM -