The WeWork building in Sandton, Johannesburg. Picture: FREDDY MAVUNDA/FINANCIAL MAIL
WeWork’s occupancy rate — the percentage of its total desks rented out — dropped dramatically during the first year of the pandemic, when many tenants cancelled their contracts and decided to work from home. That metric hit its low point of 46% a year later. Occupancy aside, the second-quarter performance was less rosy. The New York-based co-working company had $815m in sales, missing an average of analysts’ estimates compiled by Bloomberg of $821m.
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