WeWork has reduced the price of most rental units, which points to a potential slow recovery following the coronavirus pandemic. Data compiled by Bloomberg found that the average price reduction ranged between 10% and 25%.
The pricing information is not displayed to WeWork’s website visitors, but Bloomberg was able to obtain it from the source code of the website.
WeWork isn’t the only one experiencing a drop in prices. Throughout the U.S. office rental prices have dropped as a consequence of the COVID-19 pandemic. Most workers throughout the country continue to work remotely, with only an estimated 20% being back in the office as of December, 2020.
A CBRE forecast estimates that asking prices will drop by 7% by 2022 before they start to rebound to pre-pandemic levels.