WeWork works up cities
WeWork says occupancy rates spiked to 82% at the end of the first quarter, up from 73% one year earlier. The co-working start-up was active in 73 cities in the quarter, up from just 40 one year previously.
WeWork revenue was up 110% to $342m last quarter but profit is likely to remain elusive. The outfit lost $933m on revenue of $886 million last year.
However, the firm is certainly having a global impact.
WeWork became London’s largest private tenant behind only the UK government after signing a number of new leases last year.
In China, WeWork is launching WeWork Labs to promote early-stage start-ups, providing them with working space and enabling them to community and mentorship. However, rather than take equity as regular accelerators do, WeWork Labs will just collect rent like a landlord. The first WeWork Labs will open in July in Shenzhen.