From the Italian Renaissance-style Lord & Taylor building on New York’s Fifth Avenue to the postmodernist landmark One Poultry in London, WeWork has swept up office space at an unprecedented rate since opening its first location in Manhattan less than a decade ago.
But the shared office provider’s breakneck expansion is set for a sudden slowdown, cutting out a significant source of demand in the large urban property markets where it operates.
In the aftermath of the company’s failed IPO, which prompted the demotion of its chief executive Adam Neumann and triggered fears of a cash crunch, there are already signs of problems brewing.