Despite the countless obstacles that WeWork has had to overcome over the past year, the coworking firm says it is still focused on its main goal.
“We knew that we were the leader in flex [space],” said Peter Greenspan, global head of Real Estate at WeWork. “We knew that we had innovation deep in our soul when it came to work and what it means to have people in an office. We also knew that the hypergrowth and the business model had to be reorganized.”
Now, the company is trying to rebuild its brand, focus on its core business and achieve profitability. According to Greenspan, the firm has spent the last year talking to landlords instead of shutting down its offices and filing for bankruptcy.
When Adam Neumann was still CEO of WeWork, he attempted to delve into numerous industries including education and residential. Greenspan said that cutting out these ventures was necessary to end the year with a strong balance sheet, even if it meant laying off several employees.
While the coworking industry as a whole has experienced a turbulent year due to the pandemic forcing millions of people to work from home, analysts predict that these spaces will make a comeback as companies seek flexible workplace solutions in the near future.