New York & Tri-State + Downtown New York + Office | May 21, 2021

WeWork Posts Sales and Occupancy Gains in Q1

Continuing a resurgence in the coworking sector, WeWork said Thursday it’s making significant progress in transformation of its business and strategic optimization efforts. However, the company reported a net loss of $2.062 billion for the three months that ended March 31.

Sales activity, a critical indicator of future revenue, ramped up over the first quarter, as WeWork achieved gross desk sales of 24,000 in January, 25,000 in February and 38,000 in March. March represented the first month where the company achieved both positive net desk sales and positive net membership gains since prior to the pandemic.

“The sales strength we saw throughout Q1 has continued into April and May, with 28 of WeWork’s 112 total markets over 60% physical occupancy in April,” WeWork said Thursday. “Tour volume also returned to pre-pandemic levels and overall average commitment length increased to 21 months, with Enterprise average commitment length increasing to 27 months.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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