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D-FW office market could suffer from WeWork bankruptcy

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The once high-flying shared office firm has seven North Texas locations: Uptown Dallas, Victory Park, North Dallas, Las Colinas, Fort Worth’s Clearfork...

With Dallas-Fort Worth office buildings suffering from near-record vacancies, the last thing landlords needed was a major tenant bankruptcy.

New York-based WeWork – the largest North Texas shared office provider – filed for bankruptcy protection Monday in the face of mounting financial challenges. The long-expected Chapter 11 filing is the latest blow for U.S. office building owners, where WeWork occupies about 15 million square feet of space.In D-FW, WeWork has seven locations: Uptown Dallas, Victory Park, North Dallas, Las Colinas, Fort Worth’s Clearfork development and two in West Plano.

WeWork’s federal bankruptcy filing asked for court approval to give up almost six dozen of its existing worldwide office leases. The company also said it is negotiating for better lease terms with hundreds of landlords.The shared office space company, which filed for bankruptcy Monday, was once one of the world’s most valuable startups.If WeWork abandons some of its North Texas locations, other coworking firms are likely to take over some of the operations.

 

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