WeWork Renegotiates Leases to Cut Costs Amid Office Market Slump
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WeWork is renegotiating nearly all of its office space leases in an effort to cut costs amid declining demand.
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Falling office occupancy rates are putting pressure on commercial real estate owners as loans come due.
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WeWork sees an opportunity to get better lease terms due to weakness in the commercial real estate market.
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Vacancy rates have risen steadily since early 2020 with increased remote work.
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A wave of loan defaults looms as $1.2 trillion in commercial real estate debt matures through 2025.