According to WeWork, firms are being forced to be “more nimble” with their corporate real estate portfolios due to challenges from the global inflationary environment.
Samit Chopra, the international president and COO of the coworking company, said that “that… has put the requirement for enterprises to look at flexibility in managing and thinking about their workspace.”
Which, of course, is motivated by a change in the workplace as a whole and the phenomena of hybrid work that has emerged in recent months.
On Tuesday, Chopra said that while businesses attempt to reintegrate at-home workers into the workplace, they are concentrating on creating engagement and a “collaborative culture.”
As a result, he continued, “many businesses, both big and small, enterprise clients, freelancers, start-ups… now view the flexible space sector and businesses like WeWork considerably more favourably than we did, say, three years ago.”
“What that has done is driven up demand for us around the world for flexible workplace.
WeWork stated last month that its second quarter revenue increased by 37% from the same period the previous year to $815 million. Additionally, its quarterly net loss decreased 31% from the prior year to $635 million.
According to Chopra, a significant amount of WeWork’s global business is made up of the enterprise segment, which is made up of significant Fortune 500 and 100 organisations.
The enterprise segment accounted for more than 45% of our global business last year. Over the past two to three years, that area of our business has experienced substantial growth.
“A large market” is Singapore.
WeWork leased a 21-story luxury office building in Singapore on Tuesday to mark the opening of its Asia flagship asset.
This confirms WeWork’s view of Singapore as “an established global economic hub,” according to Chopra.
According to him, it is strategically located to draw in small enterprises, freelancers, and huge corporations.
“Singapore is… a significant market for us in Asia, and Asia as a region is a significant component of our global business,” the company said.