Coworking giant WeWork began trading on the New York Stock Exchange last week, going public via a merger with special acquisition company BowX Acquisition nearly two years after a pulled initial public offering.
For the second quarter of 2021, WeWork reported 98,000 new desk sales, equating to 5.9 million sq. ft. of office space. Total occupancy rose to 52 percent from 48 percent in the first quarter. With 40,000 new memberships scheduled to go into effect by year-end, total occupancy is forecast to rise to 57 percent. WeWork has also entered into a partnership with Cushman Wakefield, which is reported to have included a $150 million investment.
While smaller co-working providers have suffered during the global pandemic, IWG plc, formerly known as Regus, which operates 10 flexible office brands worldwide, reported strong sales in June 2021, with occupancy at 69 percent and revenue increasing in the second quarter by 3.4 percent compared to the first quarter, to roughly $1.3 billion.