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WeWork nears 3M SF of office space across NYC locations

Occupancy rate of 90%

WeWork’s Adam Neumann (Credit: Fortune)

WeWork signed a 60,000 SF lease at 408 Broadway in Tribeca, according to TRD. With an 82 percent occupancy rate in WeWork spaces worldwide, traditional owners like the Laboz family continue to embrace the co-working giant. 

Worth Noting: WeWork likes to stress how increases in occupancy rates (up from 73 percent last year) demonstrates their ability to land corporate clients who sign longer-term contracts. This now represents 24 percent of total membership. 

By the numbers: The company now has 2.9 million SF of office space across Manhattan, Brooklyn and Queens. NYC locations have an occupancy rate of around 90 percent, according to recode.

Be Smart: The startup’s excessively high burn rate demands more than the $2.8 billion of cash it has on hand. With major gaps in financial information provided in an employee memo, it’s difficult to assess the true state of the company. Should be interesting to see if they can raise money at a $35 billion valuation.

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