WeWork Slashed Cash Burn in First Quarter of the Year
The Financial Times reported this week that “WeWork burnt through $482m of cash in the first three months of the year as new management at the loss making office space provider worked to cut expenses before coronavirus upended its business.” The amount is 60% lower than in the previous quarter, the news media reported. WeWork has focused on reducing costs–by selling side businesses and massive layoffs–since the company’s failed IPO attempt.
Industrious Partners with Thor Equities
Commercial Observer reported this week that Thor Equities has brought Industrious as a partner to “operate the firm’s 36,000-sqaure-foot coworking space in Midtown.” The flexible workspace operator will manage the three-story space, which will now be co-branded. For the past two years, Industrious has focused on signing management agreements with landlords and property companies, including Macerich and Hines.
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CBRE Slashes Growth Plans for Hana
Bisnow reported this week that “CBRE is pulling back on the rollout of its in-house coworking brand as the coronavirus pandemic clouds the immediate future of office usage.” CBRE spent $40 million last year on expanding its coworking arm Hana, which it launched in late 2018. According to reports, the brand plans to operate 10 units this year, half of what it had originally planned for 2020.