The boom in co-work office accommodation is not exclusive to Australia.
According to research from global real estate agency Cushman and Wakefield, published on US-based property industry site Recode, WeWork – an eight year old “start-up” established by Adam Neumann – could soon be the biggest office tenant in Manhattan.
The company, which provides shared and flexible workspaces for freelancers through to large businesses, now occupies 476,661 square metres in that city, second only to JPMorgan Chase, which Cushman and Wakefield estimates leases 483,508 sqm.
WeWork rented about 37,000 sqm of space in New York City in one week alone this month, it is reported.
If it commits to another 6850 sqm of space – believed to be a typical size for a WeWork tenancy – it would surpass the multinational investment bank.
Moreover WeWork could continue its growth. Presently, it is thought the space supplier occupies 3 per cent of Manhattan’s available office area – a figure Recode speculates will increase to become about 10 per cent over the next decade.
WeWork occupies close to 60 offices in the US-city.
In Australia, the company made its first foray into Melbourne leasing 7000 sqm at the former Bank of Tokyo building at 401 Collins Street in 2016. In the same year, WeWork opened its 99th global office in Sydney’s Martin Place, following a fit-out estimated to have cost $20 million.