WeWork is commercial real estate company that provide real and virtual shared workspace. WeWork business model revolutionized office rental strategy by providing flexible contracts. Short contracts preferred by freelancers, small & new companies. But Wework also provide office space for big companies with 50+ employees.
Established in 2010 by Adam Neumann & Miguel Mckelvey. Headquarter in New York. Market valuation $45 billion (March 2019).
Wework rent big commercial real estate space for long time (in some cases 10+ years). Only strategically located offices. After renovation office divided:
- Private office with dedicated place.
- Office suite.
- Small private office (could be even for 1 person).
- Hot desk (shared workspace).
- Common areas.
Company manage 10,000,000 square feet of office space. 602 offices in 100 cities around the world: Argentina, Australia, Belgium, Brazil, Canada, Chile, China, Columbia, Czech Republic, France, Germany, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, Peru, Philippines, Poland, Russia, Singapore South Africa, South Korea, Spain, Sweden, Thailand, UK, US, Vietnam.
WeWork include WeWork Labs (dedicated space for early stage startups and mentoring), WeLive (service apartments with all necessary facilities and flexible rent), Rise by We (health & fitness) and WeGrow(school and education).
WeWork backed by SoftBank group, J. P. Morgan and Chase & Co, Wellington management, Goldman Sachs group, Legend holdings, Hony capital, Rhone group etc.
In 2017 WeWork Property Advisors established in partnership with Rhone Capital. This company raised money and purchased real estate in New York and London. For company this means shift from rent to ownership of strategically located commercial real estate.
WeWork use technology to design optimal working space for maximizing revenue. For this purpose acquired architecture technology firm and construction management platform. Office space design for comfortable work with all required facilities (common area, food court, tea & coffee, Wi-Fi, air conditioning, baby feeding room etc). Common area also used for social interaction and events.
Work in traditional office boring for majority of employees: same place, same desk, same routine, same faces every day. This negatively influence on mental health. With WeWork concept office is enjoyable place to be. Great place to get inspired by coworkers. Best place to create impact.