Gross desk sales in December 2021 were 66,000, 3.9 million square feet sold
WeWork Inc. (NYSE: WE) (“WeWork”), one of the leading global flexible space providers, today announced preliminary sales results for December 2021, demonstrating continued strong demand for flexible space despite a challenging macro environment. Sequential growth in December across gross desk sales, occupancy, and All Access memberships underscores the priority that businesses of all sizes are placing on real estate solutions that enable more flexible and hybrid work models.
Read More: Media And Entertainment Giant Significantly Expands Darktrace Coverage Across Its Business
Preliminary December highlights include:
- WeWork’s global real estate portfolio1 included 756 locations across 38 countries, supporting approximately 912,000 workstations and 590,000 physical memberships.
- WeWork’s consolidated real estate portfolio included 624 locations across 33 countries, supporting approximately 746,000 workstations and 469,000 physical memberships.
- Preliminary consolidated gross desk sales were 66,000 in December 2021, up from 43,000 in October 2021 and 55,000 in November 2021. These gross desk sales equate to approximately 3.9 million gross square feet sold in December. Preliminary consolidated gross desk sales were 164,000 in Q4 2021, an increase from 153,000 in Q3 2021, equating to approximately 9.9 million gross square feet sold in the fourth quarter.
- Preliminary consolidated new desk sales were 33,000 in December 2021, up from 25,000 in October 2021 and 30,000 in November 2021. These new desk sales equate to approximately 2.0 million square feet sold in December. Preliminary consolidated new desk sales were 87,000 in Q4 2021, an increase from 84,000 in Q3 2021, equating to approximately 5.2 million new square feet sold in the fourth quarter.
- Preliminary consolidated physical occupancy rate was 63% in December, a seven percentage point improvement from 56% physical occupancy at the end of Q3 2021. Including incremental net memberships that are contracted to move in, preliminary physical occupancy would increase to 66% in December, a six percentage point improvement from 60% at the end of Q3 2021.
- Enterprise members accounted for 47% of total physical memberships.
- Overall average commitment length remained at 20 months.
- Preliminary All Access memberships increased to 45,000 in December 2021, an increase from 32,000 at the end of Q3 2021 and 41,000 in November 2021. These All Access memberships represent an additional six percentage points of occupancy.
Read More: The First 6G AI Competition Has Been Launched By OPPO
