Last week, we reported that WeWork was beginning its search for tenants to fill the office spaces left vacant in New York City. Now, the flexible workspace aggregator has a solid plan to reel in commercial real estate brokerages to help with that goal.
Covering various markets, these brokerages will advertise WeWork’s office spaces for those looking to lease flexible workspace again.
In New York City, where WeWork has the largest available space, it has brought on JLL to market and lease big openings. For Los Angeles, WeWork has reeled in CBRE as well as a number of other major brokerages to cover that market.
There are talks of the startup looking for a brokerage to cover other markets like Boston, Seattle, and Miami in the near future.
This is a normal practice. Usually, large landlords bring on real estate services firms to handle these kinds of processes, including marketing and negotiating leases for major office spaces. WeWork has, until now, relied on its brand’s allure, its unique offices, and amenities to bring in business.
WeWork has been struggling for longer than the pandemic has ravaged the world. But, regardless of its ousted founder, failed IPO, and massive layoffs and office exoduses, the startup has yet to call it quits.
As for CBRE and JLL, we recently covered analyst opinions on the two firms and others like it when it comes to the second-quarter of 2020. Companies are continuing to struggle through the pandemic but some are more resilient than others and will be the ones to make it out on top at the other end of the tunnel.