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Home News Coworking

WeWork To Exit 40 U.S. Locations As Q4 Earnings May Fall Below Forecasts

The coworking firm will exit around 40 U.S. locations due to not meeting “our design criteria, have obsolescence or… an oversupply in the market,” according to WeWork’s CEO.

Aayat AlibyAayat Ali
November 10, 2022
in Coworking
Reading Time: 1 min read
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WeWork To Exit 40 U.S. Locations As Q4 Earnings May Fall Below Forecasts
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As the threat of recession lingers, WeWork plans to exit multiple locations in preparation for disappointing revenue forecasts. 

The coworking firm will exit around 40 U.S. locations due to not meeting “our design criteria, have obsolescence or… an oversupply in the market,” according to CEO Sandeep Mathrani. 

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News of the exit sent WeWork’s already substandard shares down 15%. The company is forecasting its fourth quarter revenue to sit below Wall Street’s $923.8 million expectation at somewhere between $870 million and $890 million. 

In recent months, the New York operator has actually seen an acceleration in activity as more companies and professionals rely on its agile workspace model in lieu of signing long-term leases. 

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While specific locations have not been named, these exits may cost up to $200 million in rent payments, contributing to around $140 million to its core earnings. 

Although the coworking industry has seen an uptick in demand by providing refuge for large companies wanting to reduce costs, recession fears in 2023 is causing nearly every industry to take precautions. 

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Source: The New York Times
Tags: CoworkingCRE
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Aayat Ali

Aayat Ali

Aayat is an editor for the Daily Digest based in Lexington, Kentucky. She has worked with local coworking spaces since August of 2017 and enjoys taking her firsthand knowledge to write about the fascinating, constantly evolving world of flexible workspaces.

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