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Tech & Science Troubled co-working giant WeWork's rapid Australian expansion stalls

00:00  29 november  2019
00:00  29 november  2019 Source:   smh.com.au

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Co - working office space provider WeWork has expanded its Australian presence, securing the eighth location for the New York-founded company. WeWork has inked a deal with Daisho Properties, taking out a lease at 310 Edward Street right opposite Brisbane’ s Central Station. The Brisbane location is

But in Dallas, the co - working giant is a latecomer. More than three dozen co - working spaces have opened across Dallas-Fort Worth, offering their own The trend has gone corporate with WeWork and other large co - working brands that have eyed Dallas. Regus, a business center operator, acquired

a person standing in front of a sign: WeWork imploded following its botched attempt to sell stock on Wall Street.© AP WeWork imploded following its botched attempt to sell stock on Wall Street.

Troubled global co-working giant WeWork’s decision to walk away from several large lease deals, effectively halting a rapid three-year expansion, could have a "material" impact on Australia’s office landlords.

In the first sign its US difficulties are starting to bite locally, WeWork’s plans to take over 20,000 square metres in a Sydney tower at 55 Market Street have fallen over and negotiations on two other 15,000 sq m leases in Melbourne have stalled.

Despite their explosive growth, co-working firms occupy just 1.5 per cent of Australia’s east coast office space.

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WeWork this month opened its fifth location in the Seattle area, with a lot more on the way. WeWork will open three more Seattle locations this year and WeWork ’ s Seattle growth mirrors its overall global expansion . It plans to open 1 million square feet of co - working space each month, according

WeWork Cos . on Monday said its loss last year doubled to nearly billion, as the nine-year-old company spent heavily in an effort to rapidly The New York-based company ’ s revenue more than doubled to .82 billion, mostly from leasing office space. But heavy expansion costs led to a loss of

Nonetheless, a “slowdown in leasing from this industry may have a material impact on office markets,” Morgan Stanley analysts Simon Chan and Lauren Berry said.

WeWork dominates the co-working industry making up nearly half of the market and, along with other co-working groups, has gobbled up almost 45 per cent of available office space over the past two years, analysts estimate.

The investment bank said a big shift in demand from co-working firms coupled with weaker employment could make landlords such as Dexus and GPT vulnerable, particularly because of their big exposure to Sydney and Melbourne’s office towers.

Australia’s east coast office towers have been one of the property sectors best performers over recent years, reflected in record low vacancy rates of about 4 per cent and big prices paid by institutional investors.

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WeWork Expansion Spree. The company has expanded into over 100 cities in just a few years. The risk is that if more banks follow ING’ s lead, WeWork could struggle to keep up its rapid The concept of co - working itself complicates lenders’ valuation of buildings, especially when one tenant

WeWork , the largest co - working company with 7 million square feet leased in 12 countries But WeWork ' s expansive footprint means that different locations are potentially competing with each other. Such a move would mar their reputation and make any further expansion very challenging

“Our concern for the office market is that co-working tenants, such as WeWork, have been material contributors to the take-up of office leases in the last two years,” they said.

“If it weren't for co-working tenants, net absorption would be low and ... we estimate the vacancy rate across the three capital cities would be almost 1 per cent higher.”

The folding of WeWork’s mooted Market Street lease, its largest to date, has forced Mirvac, which manages the tower for Chinese sovereign wealth fund China Investment Corporation, to look for other occupants.

“We’ve been re-engaged to find alternative tenants. We’re busily doing that in the lead up to Christmas,” Cushman Wakefield’s NSW leasing director Rob Dickins said.

Talks with landlord GPT about WeWork taking 15,000 sq m in the soon-to-be-refurbished former ANZ headquarters at 100 Queen Street in Melbourne are also on ice, with discussions “cooling,” according to sources.

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WeWork is revolutionizing the way people and companies work . Get flexible workspaces, agile services, and leading technologies to move your business forward. Why WeWork ? With a decade of insights and expertise, we’re reimagining real estate so that you can focus on your business.

WeWork is continuing its dramatic expansion in Australia even as doubts emerge about the valuation of the float of But they come against a subdued backdrop as the valuation on WeWork ’ s parent for its initial public offering could Related Articles. News. Co - working giant WeWork coming to Pitt Street.

WeWork also approached Macau casino boss Loi Keong Kuong to inquire about leasing his $160 million former ExxonMobil headquarters in Melbourne's Southbank, with its 15,000 sq m of office space sitting empty since Mr Loi purchased it in 2016.

That deal also failed to eventuate, although it is unclear if WeWork backed out or if Mr Loi rejected the co-working firm’s advances.

The co-working firm was also considering dipping its toe into property ownership, negotiating with the Liberman family-backed Impact Investment to buy its historic building at 401 Collins Street where WeWork is the main tenant.

“That’s all on ice now,” one source said.

A document circulated to leasing agents by WeWork shows vacancy in the Collins Street building at close to 50 per cent. Three other WeWork buildings in Melbourne - 120 Spencer Street, 222 Exhibition Street and 152 Elizabeth Street - appear to be near full.

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Greetings, Matt Turner is out on parental leave so this week you're stuck with me, Alexei Oreskovic, Business Insider's West Coast bureau chief and global tech editor. I've got my own weekly newsletter focused exclusively on tech that goes out every Wednesday - if that's your cup of tea, just click here and you'll be able to hear from me every week. require(["inlineoutstreamAd", "c.

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