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WeWork Announces Extended Credit Commitment with SoftBank

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This week, WeWork provided a business update of key operational metrics for November 2021 and announced agreements to extend its secured credit commitments.

The agreement between WeWork and SoftBank resulted in an extension of $1.75 billion of total liquidity from February 2023 to February 2024.

Despite the financial filing error made by WeWork in regards to its public shares earlier this month, the company has seen positive momentum in the second and third quarters of 2021, including continued growth in memberships, physical occupancy, and desk sales.

As of November, WeWork’s global real estate portfolio included 756 locations across 38 countries, supporting approximately 913,000 workstations and 577,000 physical memberships. 

Moreover, physical occupancy rates grew to 61% last month, a two percent increase from October. Desk sales also grew from 45,000 to 55,000 between October and November, equivalent to around 3.3 million square feet.

The extension of WeWork’s secured credit commitments demonstrates that the coworking company is aiming to stay on track toward profitability in 2022 and maintain its identity as one of the leading flexible workspace providers in the world. 

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