WeWork in London will double in size within 12 months
WeWork the US co-working giant, that is valued at around $20bn (£15bn) is making a move in Britain. The first regional office of WeWork opened in Manchester in early December and the leadership has plans to also swipe over London.
The company will quadruple its size in the UK in the next two years, with London locations being at the heart of the expansion.“We are doubling in size as a company in 2018 and doubling again in 2019,” Patrick Nelson who heads WeWork’s European expansion said.
“People are starting to realise that demand for co-working is enormous. In London, my issue is that I need more space. Over the next 12 months, we expect to double in size in London.”
WeWork currently employes on site 23,000 members and operates from 19 locations, with another 10 set to open. November 2017 was particularly busy for the giant since is now officially the single biggest private office tenant in London. The plans for expansion equate to almost 2m sq ft of space in total with the company moving away from signing leases to acquiring buildings.
London is still one of the world’s most expensive markets to rent office space. For Nelson, Manchester was an easy choice as the city has transformed into a technological hub with numerous companies on site ranging from medium to large. “We appeal to anyone who needs office space”, poignantly stated as the company aims to build a hub in Manchester where WeWork networks will interact.
WeWork has also major plans to include China, Japan and South Korea to its global network since it received a $4.4bn of capital investment from SoftBank earlier this year.
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