Coworking company WeWork has around 1.9 million square feet of office space in New York that is available, or will become available in the next few months. This makes up over 20% of the company’s total portfolio in the city.
Observers say that this is largely due to the company’s massive expansion over the past few years, as well as a slowdown in demand amid lockdowns.
“If people are already working from home, why would you spend the money on a WeWork location right now,” said Dennis Russ, Baker Hostetler real estate attorney. “Why spend it? It makes no sense.”