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NYC’s real estate market has WeWork’s survival in ‘substantial doubt’

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Experts say the company’s spiraling circumstances are an indicator of a poor business model, not a failing sub-industry within the commercial real estate sector.

Make your contribution now and help Gothamist thrive in 2023.The office space-sharing company WeWork said they have "substantial doubt" they can stay in business over the next 12 months., the company interim CEO David Tolley said they are suffering along with the entire commercial real estate industry.

New York’s commercial real estate market has softened significantly since the pandemic. According to a secondfrom the commercial real estate firm Avison Young, Manhattan’s vacancy rate stood at 20% with 40% fewer leases being signed compared to before the pandemic. “WeWork was a great idea, but a terrible business,” said Jordan Barowitz, a real estate consultant. “The concept of co-working has caught on, and WeWork now has dozens of competitors. If WeWork goes away, the people who work out of their spaces will find other places to work.”

 

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WeWork flags 'substantial doubt' about its ability to stay in businessWeWork Inc. disclosed Tuesday that there’s “substantial doubt” about its ability to continue operating, as the company seeks to improve its financial positioning. Shares of the company, which provides co-working spaces, were down 33% in Tuesday’s after-hours trading. WeWork lost $397 million in the second quarter and has $680 million...
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WeWork expresses 'substantial doubt' about its ability to stay in businessWeWork's second quarter earnings release reveals that the company has concerns about its future due to losses, projected cash needs, and increased member turnover. The company's management has outlined a plan to improve its financial health, but acknowledges that its ability to continue operating is dependent on successful execution over the next year.
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