WeWork Sues Landlords in DC, Boston, and Dallas
Bizjournals reported this week that “WeWork has sued its landlord at 700 K St. NW for nearly $6.8 million in tenant improvement costs it claims it was promised as part of its lease.” This isn’t the only lawsuit the coworking company has filed recently. Additional reports from Bizjournals claim that “WeWork recently filed a similar lawsuit in Boston seeking $11.9 million in unreimbursed costs for renovation work in an office tower.” And there is more. Reportedly, WeWork has also filed a suit against a Plano landlord for more than $2.1 million in unreimbursed construction and tenant improvement work.
MQDC to Open 5 Coworking Spaces in India
Magnolia Quality Development Corporation (MQDC), a Bangkok-based property development company, has plans to open up to five coworking spaces in India throughout the next three years, Construction Week Online reported this week. The property company first entered the Indian market last year, with a coworking space in Delhi. According to the report, MQDC is “hopeful of adding five more coworking centres with an investment of Rs 12 crore (approximately $1.6 million) each.”
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Coworking Is Here to Stay
CNBC recently published an article titled “Co-working to be the new normal for office spaces in post-COVID era”. The article confirms what many industry experts have been saying for a long time: coworking is here to stay and it will thrive in the future as organizations realize that they need solutions that allow them to be more nimble and flexible, and as workers come to terms with the fact that home is not an optimal work environment. According to the author, the coworking segment is “best placed to cater to” the flexible demands of companies of all sizes, especially as it relates to de-densification, hygiene measures, and inspiring workplace environments.
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