{"id":1004733090,"date":"2024-10-15T13:15:22","date_gmt":"2024-10-15T21:15:22","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004733090"},"modified":"2024-10-16T05:52:07","modified_gmt":"2024-10-16T13:52:07","slug":"wework-expands-network-with-third-party-partnership","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/wework-expands-network-with-third-party-partnership\/","title":{"rendered":"WeWork Expands Network With Third-Party Partnership"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"534\" data-attachment-id=\"1004733098\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/wework-expands-network-with-third-party-partnership\/webimage-f562bd6a-703d-461e-a60e-d2ca3918d50a_jpg\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/webimage-f562bd6a-703d-461e-a60e-d2ca3918d50a_jpg.jpg\" data-orig-size=\"800,534\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"webimage-f562bd6a-703d-461e-a60e-d2ca3918d50a_jpg\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;A WeWork coworking space located at 120 W Trinity Place in Decatur, Ga. Photo courtesy of WeWork&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/webimage-f562bd6a-703d-461e-a60e-d2ca3918d50a_jpg.jpg?w=800\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/webimage-f562bd6a-703d-461e-a60e-d2ca3918d50a_jpg.jpg\" alt=\"A WeWork coworking location in the Atlanta area. \" class=\"wp-image-1004733098\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/webimage-f562bd6a-703d-461e-a60e-d2ca3918d50a_jpg.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/webimage-f562bd6a-703d-461e-a60e-d2ca3918d50a_jpg.jpg?resize=300,200 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/webimage-f562bd6a-703d-461e-a60e-d2ca3918d50a_jpg.jpg?resize=768,513 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><figcaption class=\"wp-element-caption\">A WeWork coworking space located at 120 W Trinity Place in Decatur, Ga. Photo courtesy of WeWork<\/figcaption><\/figure><\/div>\n\n\n<p>Roughly six months after emerging from bankruptcy, WeWork has announced the launch of its Coworking Partner Network, an affiliate program with third-party operators that will allow existing users to access new spaces in markets across the U.S. and Canada.<\/p>\n\n\n\n<p>The linchpin of the network is a partnership with Vast Coworking Group, a franchiser that operates more than 190 locations across 31 states and 10 Canadian cities. Vast\u2019s existing franchisees, operated under brand names Venture X, Office Evolution and Intelligent Office, will be available through the network to be managed under Yardi\u2019s Kube coworking software.<\/p>\n\n\n\n<p>Additionally, users of WeWork Workplace, the company\u2019s proprietary space management software, will gain access to 75 Vast locations across 50 markets in the U.S. and Canada through the app. WeWork intends on expanding the network across more markets in the future.<\/p>\n\n\n\n<p>In April of this year, Yardi assumed a 60 percent ownership stake in WeWork after the company contributed $337 million of a needed $450 million <a href=\"https:\/\/www.commercialsearch.com\/news\/wework-eyes-chapter-11-exit\/\">bankruptcy exit<\/a>. WeWork <a href=\"https:\/\/www.commercialsearch.com\/news\/wework-reemerges-into-a-new-coworking-landscape\/\">emerged<\/a> from bankruptcy the following month, shedding 170 locations. The company\u2019s current offerings total 600 locations across 37 countries.<\/p>\n\n\n\n<p class=\"has-large-font-size\">Powering the partnership<\/p>\n\n\n\n<p>The Coworking Partner Network is the result of observing trends from both the office and larger coworking sectors, as well as an asset-light approach to operating the spaces, according to Will Sandford, Yardi\u2019s director of coworking. One key motivator was corporate entities in need of flexible space who may not be as concerned with <a href=\"https:\/\/www.commercialsearch.com\/news\/managing-coworking-building-brands-building-experiences\/\">brand preferences<\/a> as individual users. \u201c(They) expect a large network of high-quality space and are more brand-agnostic than retail customers,\u201d Sandford told <em>Commercial Property Executive<\/em>.<\/p>\n\n\n\n<p>A WeWork spokesperson pointed to data from a recent user <a href=\"https:\/\/urldefense.com\/v3\/__https:\/www.wework.com\/newsroom\/wework-survey-reinforces-the-future-is-flex-as-business-leaders-saythe-office-is-critical-for-profitability-and-culture__;!!CsTVFFc!KbxPaURdZP8LogRct2yR1VddUwFlcUhtI-gU2hu_UCcK7JEa11bAPDH29kqlTv7zw8qLvZ4CH_Kn9M9TkCDbw61x$\">survey<\/a> showing that of the 72 percent of companies planning to expand their office footprints in the next two years, 59 percent intend to do so through a coworking space.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/flexible-office-is-becoming-synonymous-with-office-says-workbox-ceo\/\">Flex Office Is Becoming Synonymous&nbsp;With Office, Says Workbox CEO<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>Sandford believes that partnerships resembling the Coworking Partner Network allow operators to more seamlessly integrate their spaces into office buildings than the more traditional models used in the 2010s. \u201cThe lease arbitrage coworking model of the 2010s is not feasible at scale,\u201d Sandford said.<\/p>\n\n\n\n<p>Conditions like revenue sharing agreements and internal management really drive the partnerships home, in Sandford&#8217;s view: \u201cThese expansion models will better align the coworking operator with the building owner and provide customers with more location options.\u201d<\/p>\n\n\n\n<p class=\"has-large-font-size\"><\/p>\n\n\n\n<p>In addition to the franchising and management structure, WeWork was also attracted to Vast\u2019s suburban spaces, which complement the company\u2019s more urban-centric approach. This year alone, the U.S. added roughly 9 million square feet of <a href=\"https:\/\/www.commercialsearch.com\/news\/suburbs-dominate-coworking-space-expansion\/\">suburban<\/a> coworking space to its existing stock, according to CommercialEdge data.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The first affiliate is the nation&#8217;s largest coworking franchiser.<\/p>\n","protected":false},"author":3012,"featured_media":1004733098,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[52118,21808,23891,21742,21785],"tags":[52499,34668,52498,42776,33678],"class_list":["post-1004733090","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-coworking","category-featured","category-national","category-latest","category-property-management","tag-intelligent-office","tag-office-evolution","tag-vast-coworking-group","tag-venture-x","tag-wework"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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