- WeWork reported that the company hit its highest monthly sales of 2021 in September.
- The news comes as WeWork finalizes its plans to go public via a $9 billion merger with BowX Acquisition Corp.
- Experts predict that demand for flexible workspace solutions will increase post-pandemic.
At an online investor presentation on Thursday October 7th, WeWork CEO Sandeep Mathrani, reported that the company had hit its highest monthly sales this year and that revenue reached $228 million.
The news comes as the coworking company prepares to list on the New York Stock Exchange via a $9 billion merger with special acquisition company, BowX Acquisition Corp.
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During the online presentation, Mathrani “painted a bright future for the flexible office space company, despite the delays in the return to the workplace caused by the coronavirus pandemic,” Bloomberg reported.
Mathrani told investors:
“We are the right company at the right time,” he said. “Flexibility is at the core of what the future of the office is.”
WeWork’s preliminary quarterly revenue reached ^658 million, up from $593 million in the previous quarter. Occupancy rates also improved in September, hitting 60%; while occupancy improved from the previous quarter, it has not yet reached pre-pandemic levels (an average of 70%).
Flexible Workspace Demand Expected to Rise Post-pandemic
Studies have found that demand for flexible workspace solutions will rise post-pandemic.
A big part of the increased demand will come from corporate clients embracing hybrid work models.
“According to the Instant Group, 75% of corporate clients are hoping to reduce CAPEX on workspace in the next year. One way they will do this is by adopting more flexible workspace solutions.
One main driver behind this shift to flex is the move towards remote work. As more companies allow their employees to work remotely, the corporate footprint is expected to disperse and incorporate diverse locations.”