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WeWork faces vacancy crisis

WeWork faces a vacancy crisis as its availability rate in New York City is more than 20 percent — or nearly double Manhattan’s overall rate (12.1 percent), adding to the beleaguered co-working giant’s problems. The firm has some 1.9 million square feet of space in New York that’s either available or will become so in the coming months, according to leaked marketing materials obtained by Business Insider.

  • Worth Noting; Large availabilities include more than 210,000 square feet at 620 Sixth Avenue and nearly 170,000 square feet at WeWork’s global headquarters at 115 West 18th Street.
  • Pipe dream: The news comes about a week after WeWork chairman Marcelo Claure invoked his inner Adam Neumann when he said the company plans to turn a profit by 2021. [BI]

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