WeWork’s rapid expansion in recent years has slowed to a crawl, according to a new report, amid the fallout of the co-working giant’s failed IPO.
- WeWork signed only four new leases across the U.S. in the fourth quarter, totaling approximately 184,000 square feet of space, according to a report from real estate firm CBRE shared with CNBC. That’s a precipitous, 93 percent drop from an average of 2.54 million square feet WeWork leased over the previous four quarters.
- IWG, the parent company of co-working brands Regus and Spaces, overtook WeWork in the fourth quarter as the most active flexible office space provider. Spaces is expanding in Seattle, preparing to open its second and third locations.
- WeWork has opened a couple new locations in the Seattle area over the last few months. However, it backed out of a planned WeLive residential project in Seattle last year. A recent report from real estate firm Broderick Group noted “We have gotten used to seeing WeWork make a splash in Seattle every quarter, reliably taking space to expand their footprint in the city — that can no longer be expected.”