FAST FIVE: WeWork's Lease Activity Crashed 93% In 4Q After Failed IPO
WeWork's Lease Activity Crashed 93% In 4Q After Failed IPO Several months after WeWork's failed IPO — resulting in a bailout from SoftBank, the money-losing office-sharing company leased just four new sites for a combined 184,00 sq.
of space in 4Q19, marking a 93% plunge from its quarterly average rate of 2.54 million sq.
over the last four quarters, according to data from real estate firm CBRE shared with CNBC.
CBRE showed that industrywide, there was a significant pullback in office space leasing, mainly due to WeWork's implosion. Data shows office sharing operators declined to 1 million sq.
in 4Q19 from 4 million sq.