John Santora, the CEO of WeWork, has revealed that the current economic uncertainty due to tariffs is driving an increase in business for the coworking space company.
What Happened: Speaking at a recent summit, Santora highlighted the reluctance of companies to commit to long-term leases amidst the prevailing tariff uncertainty.
During the summit, he pointed out that many businesses are holding back their investments to assess the potential impact of tariffs on their operations. This has led to WeWork witnessing a surge in lease extensions from existing clients and growing interest from new companies in their short-term leasing options.
“So if we look at it and just take today’s environment with all the uncertainty around tariffs and what’s happening, who’s prepared to commit to a 10- or a 15-year lease with $50 or $100 million spend?” he said.
Also Read: Mark Cuban Sounds Alarm Over Impact of Trump’s Tariff War: ‘People Could Die’
Speaking with Bloomberg, Santora further underscored the role of WeWork in offering flexibility to its clients during these uncertain times. He also suggested that the return-to-office mandates could potentially fuel WeWork’s business, as companies wrestle with the unpredictability of future office attendance.
“You have to think about it. You have to think whether or not to invest that major capital in a market, at least through this short term. You have to step back,” he said.
Why It Matters: WeWork’s business boost comes at a crucial time for the company, which went public through a SPAC in 2021 and filed for Chapter 11 bankruptcy in 2023.
The company’s ability to capitalize on the current economic uncertainty and adapt its business model to cater to the changing needs of its clients could be key to its recovery and future growth.
However, WeWork declined to comment further on this matter.
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