WeWork has released its first quarter financial report for 2022, which highlights how the coworking operator is positioning itself as an ideal workspace alternative for the post-pandemic workforce.
According to the report, WeWork saw its first quarter revenue increase 7% quarter-over-quarter and 28% year-over-year to $765 million.
As of the end of the first quarter, WeWork’s system wide real estate portfolio included 765 locations across 38 countries, with 916,000 workstations and 626,000 membership, representing a 6% quarter-over-quarter increase.
The company also saw a 7% quarter-over-quarter increase in consolidated physical memberships, a 37% year-over-year increase.
Consolidated gross desk sales also clocked in at 166,000 during the first quarter, totaling around 10 million square feet and marking the highest reported sales since the first quarter of 2020.
In addition to the increase in memberships and desk sales, WeWork’s consolidated physical occupancy also grew 4% from the fourth quarter of 2021 to 67% as of the end of 2022’s first quarter
The report shows that WeWork represents 0.5% of all commercial space across Europe and the US. In the US, WeWork represented 25% of Boston leases and 8% of Miami leases, but still took up 2% or less of total office stock in both markets.
“Our first quarter results underscore the long-term value of WeWork’s holistic offerings that are tailored to a new era for the office market,” said Sandeep Mathrani, CEO and Chairman of WeWork. “Having built a more sound and disciplined operating model, WeWork is well-positioned to capture demand, grow occupancy, and achieve revenue goals established at the beginning of 2022.”