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Paris – April 30, 2024 – WeWork, the leading global flexible space provider, announced today the finalization of all lease negotiations and the completion of the Company\u2019s lease rationalization process in Paris. This landmark moment underscores WeWork’s commitment to delivering best-in-class service and stability to its members in the French capital, following the process begun in September 2023. <\/p>\n\n\n\n
With a refined real estate footprint comprising the Company\u2019s strongest Parisian locations, WeWork is now focused on investing in its products, services, and excellent member experiences for the long term. WeWork plans to remain in all of its 12 buildings across Paris, continuing to provide an outstanding workspace environment while fostering collaboration and innovation.<\/p>\n\n\n\n
\u201cOne of the most critical components of WeWork\u2019s restructuring is the optimization of our global portfolio, ensuring operational efficiency while bolstering our balance sheet for long-term success,\u201d said Peter Greenspan, Head of Real Estate at WeWork. \u201cWe\u2019re pleased to have right-sized our portfolio in Paris, allowing us to continue shaping the future of work and delivering exceptional value to our members.\u201d<\/p>\n\n\n\n
WeWork continues to see positive return to office trends in the French capital, where in March 2024, Paris locations saw the highest footfall of occupied desks since 2019, across all membership categories (private and dedicated offices, as well as Access memberships, consisting of All Access and On Demand). The first quarter of 2024 showed an 11% increase in footfall compared to the fourth quarter of 2023 (and 3.4% increase year-on-year) for all members in Paris, while Access footfall rose by 44% year-on-year (and 14% vs. the fourth quarter of 2023).<\/p>\n\n\n\n
“We extend our sincere appreciation to our members and landlords in Paris for their continued partnership and collaboration,” said Rebecca Nachanakian, General Manager of WeWork Southern Europe, Benelux and Nordics. “Their support has been instrumental in our efforts to optimize our portfolio in the French capital. Paris has been, and will continue to be, a key market for WeWork, and we will continue to deliver exceptional workspace solutions and driving value for all stakeholders, shaping the future of work together.”<\/p>\n\n\n\n
Globally, WeWork has made substantial progress in its ongoing financial restructuring in the U.S. and Canada. It recently announced completed negotiations at 90% of its lease portfolio, which, when fully complete, will further strengthen member offerings around the world. <\/p>\n\n\n\n
Today\u2019s announcement demonstrates further momentum in WeWork\u2019s restructuring. In recent weeks the Company has also successfully completed its lease review process in key markets including Singapore, Dubai, Abu Dhabi, Lisbon, Stockholm, Warsaw and Brussels.<\/p>\n\n\n\n