WeWork tries to recover the losses recorded in the pandemic due to the vacancy of corporate spaces
With the advance of vaccination, the American startup of shared offices WeWork is beginning to aim at a return to face-to-face work. The company launches this Thursday, 2, a monthly signature which gives access to all your buildings. Instead of bookings and payments on demand, users will be able to use the pass to choose their workspace according to each day’s needs. It’s a startup bet to offer flexibility as workers and companies discuss home office and hybrid work options.
THE WeWork it has 700 units in 150 cities around the world, 32 of which are in Brazil. Around here, there are locations in São Paulo, Alphaville, São Bernardo do Campo, Osasco, São José dos Campos, Rio de Janeiro, Belo Horizonte and Porto Alegre.
The new subscription system, called the WeWork All Access, will cost R$795 monthly in the individual plan (the promotional value for the launch is R$477) – companies can also offer the association to their employees. To buy the package, you need to access the startup’s app.
“The format for searching for offices is not the same as it was before the pandemic. There are few people doing the model from Monday to Friday, full-time: most attend at different times. We think this flexibility is here to stay”, says Lucas Mendes, director of WeWork in Brazil, in an exclusive interview with state.
Operating in 38 countries, WeWork is trying to recover the losses recorded in the pandemic due to the vacancy of corporate spaces. Due to the advancement of the Delta variant around the world, recovery has been slow: in the second quarter, the company posted revenue of $593.4 million, a decrease of 1% from the result of the previous quarter. The company expects revenues to reach between US$ 650 million and US$ 700 million in the next three months.
According to the startup, the flow of members in WeWork’s buildings in Brazil grew about 980% in August, compared to the beginning of the pandemic, in April 2020 – the company does not reveal absolute numbers. São Paulo was the fifth city with the largest influx of members in the startup last month worldwide.
“We have seen Delta having different effects in each country. With a product like WeWork All Access, you can subscribe for a month and then cancel. It’s a way of charging for the use instead of the rigid rent”, says Mendes. “Despite the uncertainty, we believe we are well positioned to help companies deal with these scenarios.”
In May, the WeWork brand started to be operated in Latin America by SoftBank Latin America Fund – it is a joint venture partnership that follows a model that the company has adopted in other markets, such as China, India, Japan and Israel. SoftBank has been a partner at WeWork for a few years – the startup was founded in 2010.
According to Mendes, since the partnership was signed, WeWork has strengthened ties with the portfolio companies of the Japanese group. “We’ve always had exposure to the technology sector and startups – we serve Gympass around the world, for example. Now, however, with each new SoftBank investment, we are moving closer to a new fast-growing company,” he says.
The director of WeWork in Brazil also says that the joint venture is opening the way for expansion in Latin America. Without revealing details, the executive says that, in 2022, the company intends to grow its operations in the cities in which it already operates in Brazil, and also to advance to other states.