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Flexible office giant WeWork has confirmed plans to expand business in the coming months by targeting larger firms. The company acquired an impressive 280,000 sq ft site on London’s South Bank in 2017; currently under development, the co-working space will be the biggest in the world when it opens.
In a move away from its usual target market of start-ups and smaller businesses, WeWork is using the opportunity to secure Enterprise Members – firms with more than 1,000 employees – for the new space.
As WeWork’s General Manager for UK and Ireland Leni Zneimer explains, the company has noticed a trend towards larger companies looking to promote a more sociable and dynamic office atmosphere: “Just as smaller companies are focused on growth and perhaps becoming more like bigger companies, those large companies want to remain innovative and dynamic and foster qualities associated with start-ups… We already have large companies such as HSBC, Barclays, Microsoft and Salesforce in our locations and look forward to adding many more”.
By providing short-term contracts and leasing to smaller companies, WeWork has historically been somewhat more vulnerable to economic shocks than many office companies, and the new move should offer some protection against market instability, enabling the firm to continue on its impressive growth trajectory.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.