America has a glut of empty offices.
Now, some offices face losing WeWork, which has more than 600 locations in major cities. WeWork filed for Chapter 11 bankruptcy Monday, throwing the future of the real estate company up in the air. WeWork said it would terminate some of its US leases. WeWork’s bankruptcy will increase financial stress on commercial landlords that have rented large chunks of their office buildings to the co-working company.
Around 42% of WeWork’s occupancies are in those three cities, according to CoStar, a commercial real estate data firm. WeWork already has plans to close 1.9 million square feet in these three markets, about 35% of its footprint. In New York City, where WeWork was once the largest corporate office tenant, WeWork’s active leases are heavily concentrated in older “Class B” buildings. These offices were already seen as less appealing for possible tenants than newer “Class A” assets.
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