Coronavirus Is Driving People Away from Shared Workspaces
Commercial Real Estate reported this week that “the coronavirus is shaking up the booming coworking business, with foot traffic slumping in shared office facilities across the globe.” As people avoid crowds and try to practice social distancing, brands like Servcorp, Hub Australia, and JustCo have experienced a significant decrease in foot traffic in their workspace locations. WeWork has also been impacted, as two employees – one in NYC and one in London – have tested positive for the virus.
GCUC USA Postponed
Earlier this week, the Global Coworking Unconference Conference (GCUC) organizers, made the hard decision to postpone the US edition of the conference, which was scheduled to be held in late April, due to the coronavirus update. The conference will now take place from July 14 to July 17th in the same venue in Seattle.
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Mindspace to Open New London Location
Coworking operator, Mindspace, announced this week that it will open a new coworking space in Hammersmith, London. The upcoming location will mark the company’s third center in London. The new space will span across 3 floors, taking up approximately 35,000 square feet of space. The new coworking space is slated to open in June of this year.
The Wing’s Valuation Takes a Hit
The Wing, a female-focused coworking space, has seen its valuation take a hit after WeWork sold its stake in the company. In 2018, the company was valued at roughly US$365 million, now that number sits closer to aroundUS$200 million, The Business Times reported this week. Furthermore, the report notes that the sale of WeWork’s stake in The Wing implied a valuation of about US$165 million, “a significant discount to its earlier value”.Share this article