Marketing Info

WeWork leans into the void left by regular office work

(Bloomberg) — WeWork continues to woo customers who aren’t ready to take regular leasing of their office space but will pay for on-demand access, its chief executive said Monday.

The co-working company is on track to bring in nearly $120 million in annual revenue from 45,000 members on its “All Access” pass, which allows people to drop off at a WeWork location instead of renting a desk or office. Sandeep Mathrani said in an interview with Bloomberg Television at the JP Morgan Global High Yield and Leveraged Finance Conference in Miami. Mathrani took over as CEO of WeWork in 2020, shortly after ousting co-founder Adam Newman. WeWork continues to push more flexible options for customers who are unsure of what their office needs will be two years after the global pandemic.

Mathrani also said that he does not think the company will have to give up its four office locations in Moscow amid mounting sanctions against Russia. The locations contributed about $10 million in sales — a small slice of WeWork’s overall business. “We look forward to the resolution of the conflict and hope that we can continue to do business in Moscow,” he said.

Even though it’s been two years since the company was run by Newman, who is famous for his brash personality and his failed attempt to take WeWork public, Mathrani said he still “frequently” with the WeWork co-founder. they speak. “I firmly believe that you have to give respect to the founders of an organization,” Mathrani said.

To contact the authors of this story: Ellen Huet at San Francisco [email protected],

Ed Hammond in New York [email protected]

© 2022 Bloomberg LP

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