In The Loop: WeWork, Coworking In Canada, And BizSpace

WeWork Is Seeking to Cut Costs
WeWork is trying to lighten its costs load by putting several of its companies on the chopping block, Fortune reported this week. As of June 30th, WeWork had $2.5 billion in cash, however at its current rate of cash burn, the company would run out of money sometime during the first quarter of 2020 according to analysis. Now that the company has canceled its IPO plans, it needs to find ways to liberate some cash flow. The new co-CEOs are doing this by selling side businesses the We Co., including The Wing, Managed by Q, Conductor, and Teem. The company will also sell a jet and is likely to lay off a significant amount of employees. 

Coworking Is Booming in Canada
A recent report by CBRE Canada found that “flexible office spaces are projected to reach more than 6.1 million square feet by the end of the year, up about 300% from 2014.” While WeWork might be facing some challenges in other ends, the company has helped popularize coworking in Canada, alongside International Workplace Group (IWG Plc.) According to the report, there is an additional 1.3 million square feet of flexible space on its way, mostly in Toronto, Vancouver, and Montreal.

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UK-based BizSpace Takes Over 52,600 sq ft
Insider Media reported this week that UK-based flexible workspace operator, BizSpace, “has made a major property acquisition in Nottingham for £7m.” BizSpace acquired a three building property, 31-35 Park Row, that toals 52,600 square feet. According to the report, BizSpace will carry out a £1.8m project of 35 Park Row, which is currently vacant. Over the last year, BizSpace has invested £40.3m in 11 new sites across the UK’s regionals towns to develop flexible workspace centers.

For more flexible workspace (and WeWork) news, visit Allwork.Space’s Daily Digest section!

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