Knotel Could Cut Flex Office Portfolio By 60%

Global flexible office provider, Knotel, is considering cutting back its portfolio by as much as 60%, according to reports, due to ongoing difficulties during the pandemic.

The company has suffered numerous challenges including staff redundancies, lawsuits, and threats of eviction due to unpaid rent.

By reducing its portfolio, Knotel’s intention is to lower its rent obligations from $15 million per month to $2 million, and lift its North American revenue.

The company is also said to be reassessing its business model, and looking to shift to a more operator-friendly profit-share management agreement.