According to Reuters, WeWork & nbsp, which struggles with its expensive leases and corporate clients canceling because some employees work from home, profitability has remained elusive.
In the second quarter of 2023, WeWork managed to better 590 contracts, saving about US$ 12.7 billion in fixed rent payments, but rental prices accounted for 74 % of the company’s profits.
WeWork, formerly the most important US start-up for US$ 47 billion, debuted in Singapore in 2017.
At 21 Collyer Quay, close to Raffles Place, it debuted its 14th location in Singapore in September. The 220, 000 square foot office is WeWork’s largest company in the Pacific region, taking up all 21 surfaces of the original HSBC office.
WeWork will continue to be a tenant of 21 Collyer Quay and Funan, according to property news source CapitaLand Integrated Commercial Trust, which & nbsp. This was in reaction to reports that the start-up may declare bankruptcy this year.
It has been on time with its rent payments. According to a CapitaLand Integrated Commercial spokesperson,” we are already in discussions with the client while carefully monitoring the continued developments.”
Employees of WeWork in Singapore won’t be impacted by the bankruptcy processing, according to a representative TODAY.
In reality, we continue to hire ,” the spokesperson continued.
Originally released in & nbsp, TODAY, this article.