Inflation and combination work 'zoomed' need for relaxed workspace, WeWork states

September 7, 2022: -Global inflationary pressures are forcing organizations to be “nimbler” with their corporate real estate portfolios, according to WeWork.

“That has put the need for companies to look at flexibility in managing and thinking about their workspace,” said Samit Chopra, the coworking company’s international president, and COO.

“Which is, of course, driven by a revolution in the entire work culture and the hybrid work phenomenon that has taken place for the last few months.”

On Tuesday, ” Chopra said that as companies try to bring at-home employees back into the workspace, they focus on building engagement and a “collective culture.”

“That has therefore resulted in many companies, large and small, enterprise clients, freelancers, start-ups looking at the flexible space sector and companies like WeWork much more favorably than we saw in the last three years ago,” he added.

“What that has done and is it has soared the demand for flexible workspace across the world.

Last month, WeWork reported revenue growth of 37% from a year ago to $815 million for its second quarter. Its quarterly net loss also shrank 31% from a year ago to $635 million.

The business segment, comprised of large Fortune 500 and 100 companies, represents a significant portion of WeWork’s global business, said Chopra.

“Last year, the enterprise part represented more than 45% of our global business. That part of our business has grown significantly over the last 2½ years.”