WeWork’s occupancy, membership climbs in Q2
Coworking space provider WeWork said its occupancy rate rose 72%, and its membership surpassed pre-pandemic levels by 33% in Q2.
In a statement, the company said more people have outgrown working from their kitchen tables, and living room couches two years since the pandemic started.
Additionally, the firm’s revenue increased 37% year-on-year to $815 million from April to June as workers continued to return to offices.
Meanwhile, WeWork’s net loss shrank 31% to $635 million in the April to June period.
WeWork CEO Sandeep Mathrani said, “As the world has adjusted to the global pandemic, we have been steadily selling desks and growing our membership base for well over a year because companies have needed a way to quickly adapt to a new and unknown environment.”
The coworking space provider also benefited from the easing of pandemic restrictions. The company, which leases many buildings in dense, urban areas, has expanded its footprint to attract workers looking to return to the office.
It has said it is exploring partnerships with developers to add co-working space to residential buildings.
To date, WeWork already has 777 locations, supporting about 917,000 desks worldwide.
