WeWork Opens Newest Phoenix Location in Downtown High-rise

Article originally posted on Phoenix Business Journal on November 18, 2019

Troubled international coworking giant WeWork has opened offices on the first two of its four leased floors at the 101 North First Avenue tower in downtown Phoenix. It’s the company’s second Valley location.

WeWork’s space in the U.S. Bank tower is geared more toward “enterprise” members, meaning it’s used by companies that lease a dedicated office space for several employees. Of the two open floors, about 80% of the space is occupied, according to company representatives. The remainder of the WeWork space is scheduled to open Dec. 2.

Despite national worries about WeWork’s financial condition, members have been quick to join WeWork in Phoenix, and the company is on track to open two other locations in the region, at Block 23 in downtown Phoenix on Jan. 15 and the Watermark in Tempe on Feb. 3, company representatives told the Business Journal.

According to the New York Times, WeWork is set to cut loose 4,000 employees across its global footprint and will start to outsource items such as cleaning services in its myriad coworking spaces as it tries to reel in out-of-control expenses that nearly scuttled the company. WeWork lost $1.25 billion in the three months that ended in September, up from $497 million in the same period a year earlier. Revenue increased about 94%, to $934 million.

Find the Complete Article Here: https://www.bizjournals.com/phoenix/news/2019/11/18/wework-opens-newest-phoenix-location-in-downtown.html

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