WeWork Struggling To Keep Space Filled In Lower Manhattan?
WeWork’s sweeteners for new members include half-off rent for the first three months at its locations at 25 Broadway, 85 Broad St, 200 Broadway and 110 Wall St (the location that's home to Bisnow's HQ).
That’s on top of recent incentives like free moves into bigger spaces and 25%-off deals for the first six months, The Real Deal reports. There’s no indication how long these deals will be in effect, but these sorts of deals tend to go along with a push to keep occupancy from slipping.
A WeWork representative told The Real Deal the discounts are a regular part of the company’s business, adding they are “pleased with the progress” of leasing but not putting any numbers on that progress.
We do know, per recent figures quoted by WeWork president Artie Minson, that the company’s average occupancy for spaces open for six months or longer was 98%.
Average monthly revenues tick in at $630/month per member, with that number dropping to a projected $599 in the event of an economic downturn, the company has told investors. [TRD]
