WeWork has hailed the spring months as its strongest since its aborted initial public offering in 2019, with sales momentum returning to pre-pandemic levels.
The flexible working giant said net desk sales for April and May were 10,000 and 17,000 respectively, the best result since September 2019, the month that founder Adam Neumann quit as chief executive.
Gross desk sales, meanwhile, reached 33,000 in April and 39,000 in May, equating to approximately 4.3m sq ft of signed space so far this quarter.
It comes as a major milestone for the office company, which was thrown into turmoil in late 2019 when its attempt to list on the public markets revealed significant losses, eventually leading to Neumann’s resignation.
Then, a month after new chief executive Sandeep Mathrani arrived, the pandemic took hold in the US and Europe, leading to the temporary closure of most of its offices.
However, in an update today (21 June), WeWork said total occupancy across its global offices increased to 53% as of May, up three percentage points since March.
The company added that plans to scale back its office portfolio, which currently includes 767 locations across 38 countries, would likely be complete by the end of this month. Since March, the company has exited 17 leases and renegotiated a further 51.
WeWork continued to see strong growth across its All Access and On Demand products, with All Access memberships increasing from 15,000 in March to nearly 20,000 in May.
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