WeWork Investor Relations Material
WeWork, founded in 2010 and based in New York, is a provider of shared workspaces serving startups, freelancers, and businesses of all sizes. Its model revolves around offering flexible office solutions in a community-centric environment. Besides physical workspaces, WeWork offers amenities such as communal lounges, private meeting rooms, and networking events for its members. The company’s spaces have become a popular solution for those working remotely, or looking for a short-term office
The Business Model in Short
WeWork's business model centers around leasing large spaces, often entire buildings, and transforming them into a network of smaller workspaces that they then rent out to individuals and businesses through various membership plans that stretch from one month to long-term packages for individuals or businesses. Memberships range from hot desks (shared spaces) to private offices, with prices varying depending on the location, amenities, and type of workspace.
WeWork's communal workspaces are typically furnished with a range of amenities to support and facilitate a comfortable working environment. These amenities include high-speed internet, office equipment such as printers, shared kitchens with appliances, and sometimes even wellness rooms or outdoor spaces. WeWork has a global presence with hundreds of locations spread across numerous cities worldwide. Since its inception in 2010, the company's growth has been significant, expanding from a single workspace in New York City to an international network that spans North America, South America, Europe, Asia, Australia, and Africa.
WeWork’s office spaces have often been described as a part of the move towards a new way to work. With freelancers using platforms like Fiverr, meetings being taken over Microsoft Teams or Zoom, and an economy more global than ever WeWork aims to cater to those who work remotely but still want a physical workspace.
One of the cornerstones of WeWork’s business is the fact that the company wants to provide workspaces that are open and social. The offices are more often than not designed with this goal in mind, aiming to foster a social network for their members. This is something that is a big selling point for many members who might work remotely or as freelancers, where daily social interaction can be hard to come by when working from home. The company also hosts networking events and workshops, providing opportunities for members to connect with each other.