IWG Predicts Occupancy Rates Will Recover Next Year
Reuters reported this week that “IWG expects occupancy rates to regain pre-pandemic levels in mid-2022.” IWG is betting on hybrid work models to drive demand for office space in the future. Speaking to Reuters, Mark Dixon stated “[w]e re expecting to come back to healthy levels of occupancy and recovery in price as we go through the year and expect to get back probably by mid-2022 to full power.”
WeWork Faces Lawsuit from NYC Landlord
A WeWork landlord sued the company for “allegedly attempting to move its tenants to another location after defaulting on its lease in Chelsea,” the Real Deal reported this week. The landlord filed a lawsuit seeking to recoup damages, which are estimated to be over $37 million. According to reports, WeWork failed to pay a $584,500 security deposit and the landlord alleges it is entitled to take over WeWork’s subtenants if the company is defaulted on its lease.
CBRE Financial Results for Q1 2021
CBRE reported financial results for the first quarter ended March 31, 2021. According to the release CBRE is off to a strong start in 2021, “with the highest first-quarter revenue and adjusted earnings per share ever for the company,” according to Bob Sulentic, CBRE’s president and CEO. For 2021, the company expects adjusted earnings per share to meaningfully surpass 2019’s peak level.