In The Loop: WeWork, The Executive Centre, And Landlords vs Flexible Space Operators

A recent report by Avison Young found that as the flexible workspace industry has grown, landlords in Central London have found it harder to lease space below 5,000 square feet

SoftBank Prepares Financing Package for WeWork
The Wall Street Journal reported earlier this week that SoftBank Group Corp. “has prepared a financing package that would give it control of WeWork and further sideline its founder ADam Neumann in exchange for relieving the shared-office startup’s looming cash crunch.” WeWork could run out of money as soon as next month according to recent estimates. The coworking giant is also weighing the option to raise billions in debt from banks.

TEC Expands in China
The Executive Centre (TEC) has opened two new flexible workspace locations in China, one in Chengdu and one in Shanghai. The Chengdu workspace centre is located in the International Finance Square and it was opened earlier this month and it boasts around 34,444 square feet of workspace. The Shanghai location, which opened in September, is located at Jing An Kerry Centre Tower 2 and it boasts approximately 28,524 square feet of space.

Landlords Find It Harder to Lease Space that Competes with Serviced Offices
“A new report from Avison Young outlines how the rise of flex office space in the U.K. is challenging landlords to find effective strategies in a changing market,” the Commercial Property Executive reported this week. According to the Avison Young report, there has been a fall in traditional demand for office space below 5,000 square feet as the coworking and flexible industry sector have grown.

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Work Spaces Day Conference
The Work Spaces Day Conference, organized by ProWorkspaces, took place this Thursday and Friday in Barcelona. The event covered a wide range of topics, including workplace design, changing operator models, how to improve member loyalty, and coworking beyond big cities. Allwork.Space was present during the event; check out our key takeaways from one of panels here.

For more flexible workspace news, check out Allwork.Space’s daily digest!

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