WeWork just released an investor presentation that offers numbers the company didn't include in its widely-derided IPO documents
The presentation stated that WeWork plans, as part of its turnaround plan, to focus on working with companies with more than 500 employees, a customer group that
As of September, according to the presentation, WeWork had 600 locations and 676,000 desks. Overall, its occupancy rate stood at 80%. By comparison, coworking rival IWG, formerly known as Regus, had an occupancy rate of 69%, according to the company's most recent earnings report in August. WeWork locations that have been opened for more than two years are 89% occupied on average.
For the first time, the company also spelled out how its business model works on a per-square-foot basis: In the presentation, WeWork's new leadership team – chairman Marcelo Claure and co-CEOs Artie Minson and Sebastian Gunningham – made clear they were attempting to make a break with the company's recent past.
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