WeWork hosted a virtual Invest Day event before merging with BowX Acquisition Corp. as part of its plan to go public.
WeWork CEO Sandeep Mathrani, CFO Ben Dunham, and VP of Investor Relations and Corporate Development Chandler Salisbury presented a look into the company’s current position, strategies, and plans to grow in the future.
The presentation revealed that WeWork’s total revenue for the third quarter of 2021 was $658 million, with September seeing $228 million in revenue alone. This marked the fifth consecutive month for growth and the highest monthly revenue this year.
Occupancy also grew, reaching 60% by the end of September, which is up from the 52% seen during the end of Q2 2021. Additionally, the firm saw seven consecutive months of positive net desk sales.
Even more, WeWork’s All Access and virtual memberships grew from 20,000 in the second quarter of 2021 to 32,000 during the third quarter.
“In the pre-pandemic world, flex was part of an office offering. In a post-pandemic world, flex is its own channel of distribution, much like e-commerce is its own channel of distribution,” said Mathrani. “The flexible workspace TAM [total addressable market] is one of the most exciting things to us and gives us confidence as to the growth potential of our business, even just looking at the traditional space-as-a-service business.”
Mathrani also added how WeWork has revamped its business operations over the last few years, including streamlining its expenses, exiting and amending leases, and taking up a larger portion of leasing activity compared to the commercial office market.