IWG Looking to Close 20% of Its NYC Portfolio
The Real Deal reported this week that International Workplace Group (IWG) “is looking to close at least a fifth of its work centers in New York City as the parent company prepares to throw its Regus subsidiary into bankruptcy in the U.K.” The company has also closed its flagship Regus location on Third Avenue in New York City. A statement issued by IWG blamed the COVID-19 pandemic for the closures, stating that it (the pandemic) “is a black swan event and it has severely impacted our business and presented us with unforeseen challenges.”
Hulu Lands WeWork Documentary
Deadline reported this week that the WeWork documentary has landed at Hulu. According to the report, the feature-length film, directed by Jed Rothsteain, started production in April and is close to being complete. The documentary is slated to air in 2021 and it will follow the rise and fall of WeWork. According to Deadline, “ it will look at how over the last ten years founder Adam Neumann was able to raise more than $12B from the likes of JPMorgan’s Jamie Dimon and SoftBank’s Masayoshi Son and command a $47B valuation. However, while the company was looking for a $100B IPO, the wheels soon came off and Neumann was forced out of the company.” The documentary was based on Forbes’ reporting of WeWork’s descent from revered unicorn company to failed startup.
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Companies Expect to Shrink Offices
A recent survey by Cisco Systems Inc. found that “more than half of companies plan to shrink their offices as working from home becomes a regular fixture after the Covid-19 pandemic ends.” According to the report, 53% of larger organizations plan to reduce the size of their office space as they increase work flexibility. Furthermore, 90% of respondents say they don’t expect to return to the office full time; 12% plan to work from home all the time; and 24% plan to work remotely at least part time.Share this article