1/16, 4:40 PM (Source: TeleTrader)
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WeWork's leasing plummets in Q4

Space leased by WeWork plummetted over 90% to 184,022 square feet in the fourth quarter of 2019 after the startup scrapped IPO plans, data from CBRE seen by CNBC showed on Thursday. In the quarter before, it took 2,536,369 square feet under lease, but after that, it managed to sign only four more leasing contracts.

In the same period, the troubled firm was overrun by Spaces, which leased 284,916 square feet in the same period, up by 10.7% from the third quarter of 2019. Other competitors, such as Industrious and Knotel, were also in decline, slowing down leasing activity by 6.5% and 79.7%, as the co-working space market plunged by 75% overall.

The full report on the leasing space market will be released by CBRE later in the week.

Breaking the News / NI