WeWork is exploring ending its push into communal living. The co-working company is holding talks about handing over operations of its WeLive location in Crystal City, near Washington D.C., and is also deliberating options for its second location on Wall Street, Bloomberg reported. WeLive, which offers fully-furnished apartments for stays of one night or longer, is currently advertising a discount of two free months if new tenants sign an annual lease at its two locations
- Better late than never: WeWork has pared its growth plans and focused on its core business of providing office space.
- Future is murky: DBRS Morningstar said that WeWork’s survival after the coronavirus pandemic will be “questionable”. The rating agency expects the company to “struggle” with members leaving locations in droves because of financial impacts caused by the pandemic, with the co-working firm’s best hope for survival to significantly pare down its lease liabilities, according to the Commercial Observer. [Bloomberg+CO]