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WeWork’s Losses Continue To Increase Down Under

WeWork has more than doubled its losses from last year to $920 million in non-cancellable operating leases in Australia. Click To Tweet

This figure is how much rent that WeWork has agreed to pay on its Australian portfolio and is up from the $253 million in the previous year to December 2017.

WeWork expanded its footprint through a $21 million acquisition of local firm Naked Hub, where it opened six locations last year. It currently has 15 open offices and 20 leased properties.

The coworking company’s outgoing rent ballooned from $12 million in 2017 to $30 million. These costs outpaced the growth in revenue it received from its memberships and services.

WeWork’s loss for the year totalled to $7.2 million, compared to the $2.9 million from the previous year.

ABOUT Aayat Ali
Aayat Ali

Aayat is an editor for the Daily Digest based out of Kentucky. She has worked with local coworking spaces since August of 2017 and enjoys taking her firsthand knowledge to write about the fascinating, constantly evolving world of flexible workspaces. Feel free to reach out to her at [email protected] View all posts by Aayat Ali

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