According to CBRE, WeWork's leasing dropped to 184,022 square feet in the fourth quarter from an average of 2.54 million square feet over the prior four periods.
while telling employees that it will focus on serving large businesses rather than small and mid-sized clients.
Newly leased space in the flexible office leasing market plummeted 75% in the fourth quarter to just under 1 million square feet from 3.95 million in the prior period, and WeWork's share dropped to 18% from. Manhattan was still the largest market, even as new space leased dropped 82% to 187,078 square feet from over 1 million, on average, the prior four quarters. Activity in Chicago fell 89%, while Boston and Los Angeles saw declines of 84% and 75%, respectively.
Two of WeWork's projects in the quarter were in Manhattan , one was in San Francisco and the fourth was in Philadelphia.
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