London Economic Impact Report
About The Report
WeWork have commissioned independent consultants, The Centre for Economics and Business Research (CEBR) who have a reputation for sound business advice based on thorough and insightful research, to produce independent research focused on the impact WeWork has on the London economy. CEBR conducted a survey of WeWork members in London, asking members questions in order to understand the added value they experience from WeWork. In addition, CEBR asked members about their spending habits, and local businesses what impact WeWork members had on their business. This research was combined with economic modeling to analyse economic multipliers.
The question of how we will navigate the future of work and cities to progress toward a new economy — that uplifts all people and all communities — is perhaps one of the most important questions of our time. CEBR has analysed the impact WeWork has on the individuals and businesses, on the neighbourhoods and on the city.
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Individual & Business Impact
Business growth and female leadership flourish for WeWork-based companies.
Businesses Grow Rapidly After Joining WeWork
81% of members in London credit WeWork with improving their company’s productivity.
WeWork members in London surveyed report a 34% increase in revenue growth after joining WeWork. Revenue rose 3x faster than costs during the same time.
WeWork members report an average increase of 5.8 new hires since joining WeWork.
A third of members said that other WeWork members had given them ideas on how to improve their businesses.
Women Are Leading This Movement
Fifty-four percent of WeWork London’s female members at are founders, sole proprietors, or in management.
WeWork entrepreneurs and members are good neighbours
WeWork Brings New People & Businesses to Neighbourhoods
Every week, WeWork members spend nearly three times as much as the average Londoner on pubs, restaurants, and cafes, injecting more than £75 million per year into local neighbourhood business.
WeWork companies returning more to economy than five individual cities in the UK
Giving Cities Room To Grow
WeWork is 2.5x more efficient than a typical office in London, freeing up space for new people, businesses and jobs.
WeWork drives high growth industries
78% of WeWork members in London are in the innovation economy compared to 21% of all people in London – over 3 times higher.
2 in 100 Londoners that work in the Innovation Economy work in a WeWork office.
A Powerful Economic Multiplier
The WeWork economy creates a 2.1x economic multiplier in London, meaning for every WeWork member, an additional 1.1 jobs are supported through indirect and induced spending.
WeWork members support an aggregate of 54,200 jobs.
Injects Billions into the Local Economy
WeWork members in London support economic activity worth £6.3B