WeWork has announced that the co-sharing aggregator is opening a real estate advisory service. After starting with a small pilot program based in Manhattan, WeWork will be able to find locations for companies that don't really fit in with their own co-working services. Though the team for this pilot is small, it has already gained attention throughout the industry thanks to WeWork's strong brand and cash reserves.
WeWork has long had a tenant referral program that pays brokers who place their clients at a WeWork location. This might be one of the first things to suffer as there is sure to be a backlash from the brokerage community. Plus, most have a legitimate fear that any client that is placed their might not leave the WeWork ecosystem. Who knows how many of the companies that outgrew the co-working option asked WeWork if they could find them a fitting office? Now they will be able to generate some revenue from those established relationships and keep clients in their ecosystem in case they want to keep a portion of their team in a co-working setup like Verizon, IBM and Microsoft have been experimenting with.
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