WeWork already contracting Downtown

In 2019 I felt we were completely surrounded by WeWorks, so I wanted to see their reach Downtown. Back then there were 11 properties south of Canal, and what I did not remember till I reread the post, is things were equally dicey then:

A few months ago, when it seemed that WeWorks were multiplying around here like Starbucks in the ‘90s, I wanted to get a grip on the work-share giant’s local holdings and see where this whole thing was going. And not long after, things started to wobble. Next thing you knew the bottom fell out on the company, its CEO and its public offering — and now the SEC is investigating. So it seems even more worthwhile to assess its footprint in the neighborhood and see what it means for local real estate when things really go south.

ICYMI, the company filed for bankruptcy protection on Monday and now plans to tear up leases at 40 buildings, a reduction of around 50 percent of its office space, according to Crain’s. “The move, if approved by a bankruptcy judge, could force several of the city’s largest landlords to swallow millions in losses while scrambling to find new tenants.”

Already some have closed around here. There are now seven south of Canal, compared to 11; there are 46 total in the city, compared to 66. And it looks like that number should contract very quickly.