WeWork is a provider of shared coworking workspaces and office services in 119 cities across 37 countries worldwide. Their clients range from tech startups and entrepreneurs, to more traditional small- and large-businesses looking to outsource or diversify office space. In 2022, WeWork was the second-largest
in the United States with almost 250 locations, with Regus being the largest. Moreover, the company has seen rapid growth in recent years, and increased its
by roughly 2.6 billion U.S. dollars between 2016 and 2022. In 2022, WeWork generated approximately 3.1 billion U.S. dollars in revenue as the company continued its strong recovery following the COVID-19 pandemic.
From start-up to established industry leader
The company was founded as a
start-up in New York City in 2010, opening its first location in the SoHo district. The company’s founders, Adam Neumann and Miguel McKelvey, reported seeing a business opportunity following the financial crash of 2008, which saw the emergence of empty building space and an increase in the number of people starting new businesses or moving into freelance work. The idea to match these two trends attracted ample investment, with prominent firms such as J.P. Morgan Chase & Co, Goldman Sachs Group, and later Japanese conglomerate Softbank, providing funds. Investment allowed for expansion into further U.S. cities, and then Europe and Israel by 2015. When
WeWork locations are divided by region, their strategy of attracting investment to fund further expansion has continued, with a notable focus being placed on the Chinese market over the past few years. As a result, the
number of WeWork members worldwide grew exponentially in 2021.
The rapid rise of coworking spaces
Underpinning the success of WeWork is the rapid growth in the broader coworking space market, both in the United States and worldwide. In the 11 year period between 2007 and 2017, the
number of coworking spaces in the United States grew from only 14 to just over 4,000, as this figure was estimated to reach over 6,000 by 2022.
The
number of coworking spaces worldwide grew by roughly 3,000 between 2018 and 2021, as the industry was hit hard by the COVID-19 pandemic as office spaces were forced to close. By 2024, it is estimated that the
number of people working in coworking spaces worldwide will reach almost five million.
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