WeWork – recently re-branded to The We Company – has reported doubling its revenue from last year to an impressive $1.82bn.
However, its umbrella company also reported annual losses of $1.93bn for 2018.
The jump in revenue was due to an increase in membership to 401,000 at the end of 2018, up from 186,000 from the year before.
Now many of the memberships actually come from large corporations who have taken advantage of the flexible leases The We Company offers, allowing the company to work globally.
“As fast as the industry has grown over the last two years, it’s easy to underestimate how much faster it will be in the next two years,” Jamie Hodari CEO of Industrious (co-working company)
Dave Fano, The We Company’s Chief Growth Officer, states co-working spaces marks the beginning of a much larger evolution as to how companies operate. He thinks that long-term, companies will not operate or own their own HQs.
We spaces now boast branded office spaces for specific corporate clients. They have been running such 220 projects for companies such as AirBnB, Amazon and Standard Chartered.