Recovery in the coworking industry after the bankruptcy of WeWork

The bankruptcy of WeWork had an impact on the situation of its competitors.

At the beginning of November, the American start-up purchasing and renting real estate – WeWork – announced bankruptcy. Company representatives declared that this decision applies to operations conducted in the United States and Canada. Nevertheless, it caused a stir, both among WeWork clients renting coworking spaces located in other countries, and among its competitors. The former began looking for other alternative spaces to rent, and the latter began to express interest in purchasing WeWork’s spaces. The mentioned stir is also visible in Warsaw, where WeWork has 33,000. square meters of space. Representatives of coworking industry companies operating in Poland indicated that they receive inquiries from potential clients about available spaces, but also from other companies operating in this industry. They clearly declare that in the near future they are thinking about systematically increasing the premises they own. The bankruptcy of WeWork in Poland could bring them closer to achieving these goals more quickly. This would take place as a result of the purchase of real estate belonging to the American company. However, this is not likely to happen. This is due to the fact that, as restructuring advisor Patryk Filipiak pointed out, “the opening of proceedings in the USA does not directly affect the operations of related companies, including daughter companies (…), in other countries. These companies are treated as separate legal entities whose assets are separated from the assets of the parent company” and at the same time stipulated that “the bankruptcy or restructuring of the parent company may affect the operation of the daughter if there is a business or financial dependence.”

Source: https://www.pb.pl/rywale-weworka-dostrzegli-okazje-1201339