At its peak, WeWork was valued near $50 billion, leasing over 50 million square feet worldwide. The plan was simple: sign long-term leases on prime office space, then rent it out flexibly to startups and big companies alike.
But the pandemic hit hard. By 2023, WeWork was buried under $13 billion in lease obligations as Manhattan’s office vacancy soared past 21%. Bankruptcy followed, and the company slashed its footprint by more than a third.
Fast forward to 2025: WeWork is smaller but sharper—focused on Class A buildings where the lionshare of new leases are being. . .