Some WeWork Locations to Offer On-demand Office Space

The pandemic highlighted the gradual shift away from traditional large corporate headquarters to a more flexible shared workspace.

During this time, more businesses are trying to de-densify and decentralize their headquarters. WeWork realized the imperative of offering flexible terms to businesses.

This is a step away from the usual long-term contracts and leases that come with extended responsibility and red tapes.

Similarly, the uncertainty from the rising of infected cases worldwide, including the current popularity of work-from-home and remote job schemes, motivates employers to opt for short-time, seasonal rent.

At present, the firm considers offering on-demand office space that can be done in split seconds in its worldwide locations.

This is referred to as the “work-to-people” model, coined by Barder Tol, the general manager of WeWork Australia.

Interested users may now book various WeWork locations in New York, offering the newly-established strategy.

Daily rates for some spaces start at only $29. Similarly, meeting rooms can also be reserved as low as $10 per hour.

 

WeWork Innovations

Consequently, not only corporations can take part in the offering.

The commercial real estate company eyes to expand its niche to target consumers looking for unique spaces such as collaboration areas and podcast studios, among others.

The on-going crisis created a painful blow, with the firm recording low occupancy rates in recent months.

In July, it slashed more than 8,000 jobs, renegotiated leases, and sold valuable assets to keeps its business afloat.

However, these measures still fall short to keep its balance sheet in check. The firm recently sold its China operations to one of its key investors, Trustbridge Partners, for $200 million.

Michael Jiang from the Chinese firm will be the acting chief executive.

Nevertheless, true to its “shared workspace” stance, the firm will still hold a minority stake and hold a seat on the board.