The outbreak of coronavirus has left the real estate industry scrambling to stay afloat as people leave offices to work from home and companies try to find new ways to operate outside of their workspaces while keeping their costs at a minimum.
For instance, serviced office provider Knotel is attempting to catch up on bills that started accumulating before the virus and has not paid April rent at some locations. Additionally, the company laid off 30% of its staff and furloughed another 20%.
Flexible workspace operator Convene laid off 20% of its employees and furloughed over half of the remaining staff due to the closing of its facilities.