WeWork has reported that its occupancy rate has officially reached pre-pandemic levels seen in 2019.
The coworking firm confirmed that its offices had reached 72% occupancy by the end of 2022’s second quarter.
WeWork, like many other coworking firms, saw its membership and occupancy levels plummet as a result of the pandemic, reaching a low of 46%.
However, after the company went public via merging with a special purpose acquisition company, WeWork finally found an avenue to slowly pick up the pieces.
Plus, as companies shift to more hybrid work models, the company’s flexible offices have become the ideal solution for new work arrangements.
Despite WeWork’s occupancy experiencing a renaissance, its sales performance told a slightly less enticing story. In the second quarter, the company reported $815 million in sales, below analyst estimates of $821 million.
The operator continues to tap on the brakes of his cash burning strategies that it became infamous for under the leadership of Adam Neumann.