WeWork’s leases in New York and London, two of its biggest markets, have hit a huge slump after its turbulent year.
WeWork leased 64,000 square feet in Manhattan and 49,000 square feet in London during the last quarter of 2019, its lowest in several years.
The slowdown is likely due to its chaotic period following its failed attempt to go public that led to the resignation of former CEO Adam Neumann, thousands of employees being laid off and a rescue package led by SoftBank.
“Following a month of record new building openings in December, WeWork continues to grow our community globally, including in top markets like New York and London,” a spokeswoman said. “The company is focused on profitable growth and expects to expand through new leases as well as asset-light strategies such as joint ventures and management agreements.”