WeWork

WeWork provides flexible workspaces and office solutions to freelancers, startups, and large corporations across multiple countries. The company transforms leased office buildings into shared workspaces that offer amenities like conference rooms, private offices, hot desks, and community spaces. WeWork's business model involves leasing long-term office space and subleasing it on flexible terms, with an average lease length of 15 years. As of June 2024, after emerging from bankruptcy reorganization, WeWork operates approximately 330 wholly-owned locations across 37 countries, having significantly downsized from its previous footprint of over 770 locations. The company uses Yardi Kube technology platform to manage its spaces and bookings. Under its post-bankruptcy structure, WeWork eliminated USD 4 billion in debt, secured USD 400 million in new equity capital, and reduced its future lease obligations by half for projected savings of USD 12 billion. The company cut its rent and tenancy expenses by over USD 800 million through renegotiating more than 190 leases and exiting over 170 unprofitable locations.

Key customers and partnerships

WeWork's customer base spans from independent freelancers to Fortune 500 companies, with large enterprises making up approximately half of its business. The company entered a partnership with Vast Coworking Group in October 2024, gaining access to over 75 coworking partner locations across 50 new markets in the US and Canada. This partnership integrates Vast's brands including Venture X, Office Evolution and Intelligent Office into WeWork's network. WeWork also partnered with Yardi Systems to power its workspace management software platform.