WeWork is offering some tenants half off their rent in order to minimize cancellations and potentially boost longer-term leases with clients.
The discounts have been offered to those on month-to-month contracts and are looking to sign a lease for two or three months. According to a securities filing, over a quarter of WeWork’s tenants were on monthly leases.
The outbreak of coronavirus has left several coworking operators with no choice but to cut down on jobs due to increasingly vacant spaces. WeWork in particular cut down another 250 jobs last week to continue lowering expenses and said it does not expect to meet its 2020 financial targets any longer.