When WeWork first started in 2010, our founders wanted to support businesses and entrepreneurs, creating spaces where people could work, come together, collaborate on projects, and potentially change the world.
Today, we’re providing spaces for everyone from entrepreneurs setting up their first businesses to multinational conglomerates with thousands of employees. Included within this are small and mid-sized businesses that aspire to have the amenities available to employees of large companies while capturing the entrepreneurial spirit of those just starting off.
In doing so, we’re helping hundreds of thousands of people find meaning in what they do. However, we do not want this to be confined simply to those within a WeWork. We want to go beyond that—ensuring that workers everywhere, regardless of whether they are our members or not, are able to have access to a space that is right for them and allows them to succeed in what they are doing.
With that in mind, I am excited to announce that in September we will be launching WeWork Space Services—a new pilot offer aimed specifically at small and medium-sized businesses.
Leveraging our position as one of the largest occupiers of office space in New York City, our intimate knowledge of the real estate market, and the extensive relationships we have built with landlords in the city, we will now be able to offer holistic real estate solutions—both within and outside of WeWork—to small and mid-sized companies.
In WeWork, they will have a one-stop solution that caters to their real estate needs, both in the short and long term. We will help them find office space best suited to their requirements, giving them access to inventory they would not otherwise have. In addition, they will benefit from remaining or becoming a part of our network, with a complimentary 12-month membership to Global Access that allows them to join our global community and use our locations around the world.
Our landlord partners will benefit as well. In addition to the lease agreements we sign for WeWork itself, we will now be bringing new tenants to them. These potential tenants will already have been screened by our space services team and their needs identified, ensuring that landlords are being introduced to tenants who are ready to move in and the right fit for their respective buildings. This will contribute towards increased occupancy rates and help build out their buildings further.
For its initial launch, WeWork Space Services will be piloted in New York City, and I am pleased to share that Jason Bauer will be leading the team. Jason is a lifelong entrepreneur, who was recognized by Ernst & Young as its Entrepreneur of the Year in 2011 for his success as the founder and CEO of Crumbs Bake Shop, and subsequently went on to launch a boutique real estate firm in 2013 that has conducted over $500 million in real estate transactions.
WeWork Space Services will allow us to retain our relationships with existing members who would otherwise have left a WeWork space by providing them with alternate real estate solutions while benefiting from continued access to our network and community. At the same time, it will allow us to build new long-term and lasting relationships with small and mid-sized companies that are at a critical phase of their growth.
This is an exciting new chapter for our business and reflects our strong belief in the brokerage business. Brokers are critical partners for WeWork, and we will continue to rely on, and partner with, them to bring clients to our community. For more information on our Broker Partnership Program, please visit our website.