WeWork, one of the largest freelance portals, has been swiftly buying up real estate in London. The startup has leased 2.6 million square feet of space since 2012, quickly making it one of the biggest real estate owners in the country, second only to the UK's government.
“Have they won the race for scale?” asked Elaine Rossall, head of UK offices research and insight at Cushman & Wakefield, a local analyst firm. “Yes, I don’t think anybody could keep up with their pace of growth.”
WeWork is no stranger to buying up lots of property. In 2016 the company was estimated to be the 11th largest office tenant in Manhattan.
The service is currently capitalizing on the current downward trends thanks to post-Brexit fears in banks. WeWork has been purchasing cheap leases from banks afraid to sell at higher prices.
Join us in Bangkok from the 28th of February to the 1st of March for the 22nd Property Portal Watch Conference. The theme for this year is The Future of Online Real Estate Marketing – Getting Closer to the Transaction.