"A WeWork collapse would be another blow for San Francisco’s commercial real estate market. The company’s website lists 21 office spaces in the Bay Area, including three floors in Salesforce Tower and co-working locations in several other downtown buildings. WeWork had over $13 billion in long-term lease obligations at the end of June, the firm said in a filing with the Securities and Exchange Commission on Tuesday.
In the press release, the company blamed “excess supply in commercial real estate, increasing competition in flexible space and macroeconomic volatility” for a “slight” decline in memberships. Indeed, metropolitan areas across the country have seen lessened office usage since the pandemic began, and a record amount of office space in San Francisco is currently sitting vacant, according to real estate giant CBRE."
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I expected them to do well with companies getting rid of their offices but having subscriptions for their workforce for when their power went out or for a special team meeting or something.
