WeWork Announces Agreement To Extend Secured Credit Commitments

WeWork has provided an update about specific operational metrics for November, which includes extending its secured credit commitments. 

WeWork and SoftBank agreed to extend the coworking firm’s commitments of $1.75 billion of total liquidity from February 2023 to February 2024. 

Over the months of October and November, WeWork saw its memberships, occupancy, and desk sales grow. 

Physical occupancy rates grew to 61% last month, a two percentage point increase from October. For incremental net memberships that are anticipated to move in, occupancy would increase to 63% in November from 61% in October. 

Desk sales grew from 45,000 in October to 55,000 in November, which equates to around 3.3 million square feet. 

All Access memberships also grew from 38,000 in October to 41,000 in November.