WeWork has announced that they are targeting a growth of at least 33% for this current year as they aim to rake in a revenue of at least Rs. 1000 crores. Now that more and more companies are slowly phasing into office life instead of work from home, WeWork will be looking to expand and meet the demands as quickly as they can.
WeWork, based in New York City, is a provider of working spaces which includes both physical and digital work spaces providing amenities as well. Currently, the firm has expanded to over 38 countries, 150 cities and have more than 700 locations across the globe.
The chief executive officer of WeWork India, Mr. Karan Virwani said that the company was able to generate a profit for the first time ever this past quarter as they netted a total of Rs. 25 crores at the EBITDA phase. He went to say that the total earning for the quarter amounted to Rs. 250 crores and they estimate that they can hit the Rs. 1000 crores mark by the turn of the year.
Last year, the company was able to rake in a total revenue of Rs. 750 crores as they were able to find customers who were willing to get 1 million square feet of work and office space leased to them. The rate of occupancy for these spaces currently stands at 80%.
Over the past five months, the company has successfully leased out half a million square feet of office and work space bringing the firms total portfolio to 5 million square feet.
In India alone, these spaces have around 50,000 regular users sprinkled around 36 different areas.
The work space field is set to get back on track and grow exponentially from now on through the next few years. Over the past two to three years, ever since the advent of coronavirus and the entire world being forced to stay at home, companies’ employees were forced to work from home and there was no option of going to office to get work done. Due to this, companies like WeWork went through a massive slump as they were unable to onboard almost no new clients and there was really no need for office spaces. Now, as more companies are slowly phasing into to office life after a long period of work from home, it seems like WeWork is looking to capture the newly expanding market before anyone else can.
