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“As the world has adjusted to the global pandemic, we have been steadily selling desks and growing our membership base for well over a year, because companies have needed a way to quickly adapt to a new and unknown environment,” Sandeep Mathrani, WeWork’s chief executive, said on a conference call with analysts on Thursday.
As WeWork rebuilds its business, it has benefited from the easing of pandemic restrictions. The company, which leases many buildings in dense, urban areas, has expanded its footprint in an effort to attract workers looking to return to the office, and it has said it is exploring partnerships with developers to add co-working space to residential buildings.
WeWork can capitalize on a shift to hybrid work, which has become a challenge for companies that usually sign long-term leases on office space, said Vikram Malhotra, a senior equity research analyst at Mizuho Americas. That’s because WeWork’s offices are in central business districts, and the company can serve large and small tenants. “Their services are truly differentiating,” Mr. Malhotra said.
WeWork leases flexible office space, from dedicated desks to entire floors, to tenants that range from start-ups to Fortune 500 companies. In July, it introduced an app-based service intended to help companies manage their space needs and book its shared services like conference rooms.
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