Editor: By the time WeWork officially filed for bankruptcy last month, it had started to feel like old news. The drip-feeding of WeWork’s woes over the past six months had already prepared the market for the inevitable.
But WeWork’s troubles do not reflect the sentiment of the wider flex market.
Work patterns have changed forever as occupiers seek a greater amenity offering with greater flexibility. Reflecting this tenant demand, the appetite from landlords to deliver flex space in their buildings is at an all-time high. It’s not a product or demand issue. Rather, it’s an operational shift; the methods by which flexible workspace is integrated into offices have changed significantly over the past 10 years and this is where the difference between success and downfall lies.
Thus far, it’s unclear how many sites across the UK might be affected by WeWork’s Chapter 11 bankruptcy proceedings, with the company asking to reject leases across its global portfolio. But what is clear is the need for landlords and asset managers to look at taking back control of their own flexible work offers.
We’ve seen the success of our management agreements time and again. This provides assurance to building owners and investors with full alignment of interests, while delivering bespoke spaces for each location with their own identity, while still being part of a large and growing network of spaces for customers to use.
Dan Silverman, co-founder Spacemade