WeWork “on Track” to Profitability
Business Insider reported this week that WeWork is “completely on track” to reach profitability according to the company’s CEO. Sandeep Matharani, CEO, expects the company to be profitable by the fourth quarter of this year. Mathrani aslo recently stated that the coworking company has $3 billion of liquitidy on its balance sheet, which will carry the company through 2022. Despite being hard hit by the coronaviurs pandemic, Mathrani remains optimistic about the future of the company, arguing that the China arm of WeWork is almost back to pre-COVID occupancy levels.
COhatch Expands into Fitness
Coworking space provider, COhatch, has expanded its business into the realm of fitness. Bizjournals reported this week that “COhatch has bought a majority stake in Mesh Fitness at 6678 Riverside Dr. at Bridge Park.” COhatch is hoping to create a health club model that will “improve the lives of its members”. The gym will offer chiropractic and physical therapy, as well as meal prep, nutrition, mental health, and sports training services. COhatch members will have full access to the gym.
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MakeOffices Is Closing Down
Bisnow reported this week that D.C.-based coworking operator, MakeOffices, is closing down. According to the report, “the company was forced to shutter because of the financial difficulties the pandemic has created for the coworking industry and the business world at large.” CEO Josh White told Bisnow that the company experienced increased terminations and a reduction in revenue. According to reports, JLL is taking over management of one previous MakeOffices location; the rest of locations are currently in negotiations with JLL and other flexible workspace operators.Share this article