Is WeWork and Other Similar Operations Making or Losing Money?

WeWork lost $3.2 billion dollars In 2020 due to rapid expansion hitting the Covid-19 shutdown. It lost $2.1 billion and more than one in four of its customers during the first quarter 2021, according the Financial Times. However, there have been a number of positive press releases in recent months. GSA, the largest office user in the U.S. with over 376 million square feet of space announced it had signed contracts with WeWork and three of its competitors to begin moving employees into more fluid work environments. GSA may be giving up tens of millions of feet of office space, to the detriment of office building landlords but a potential benefit to flexible office space leasing companies. I also Googled trying to find out how vacant WeWork is, and rand across major sublease announcements (350,000 sf in El Segundo as of a few weeks ago) and various reports of empty floors and only a handful of offices being used. Let me know if you have heard how they are doing!