What is WeWork & Why is it a Game-Changer?
Everywhere we turn at the moment, the words “WeWork” appear. I walk through Central London and their advertising is all around. I attend conferences and they are discussed. My Instagram feed is also full of their adverts and pictures of friends enjoying their new WeWork office.
We regularly visit new clients and they all want to know about this company of the moment and their revolutionary way of working. They are even becoming a hot topic whilst at dinners with friends from outside the property industry. They either work at a company which reside in a WeWork or like the thought of potentially moving their company to one of the many WeWork offices across the UK.
And who wouldn’t? If you’ve been wondering what WeWork is – they are at the forefront of the new flexible office environment. Sure, there’s the free beer and regular parties but, more importantly, there is a real focus on collaboration and community between their members. Sounds like the type of place that so many companies have been craving for so long to try and improve the performance and wellbeing of their staff.
I mean, with more and more people asking “what is WeWork?”, I wouldn’t even be surprised if their name makes the English Dictionary next year. What would the definition be? ’A game changer’, ‘a thought provoker’, or ‘the name given to something that entirely flips an industry on its head, has the ‘old school’ quivering in their boots and lays down the path for the future of an industry’. I think I prefer the latter.
And that is exactly what WeWork has achieved in the property industry. I am so pleased to see a company finally mixing things up and providing more choice to occupiers. While not every company suits the WeWork environment, they have forced commercial landlords to rethink how they approach leasing strategy. It’s a great addition to the market and an exciting time. I am sure WeWork will see more competition over the next few years but that can only further improve the offering to office occupiers across the globe. Doom-and-gloom merchants need to relax for five minutes and embrace the change.
So, what is the future of WeWork? Following a recent rebrand, they have now renamed and become “The We Company”. This incorporates more than just office space – under their umbrella they now have ventured into health and fitness with “WeGym”, apartment rentals with “WeLive” and more. They represent much more than just a co-working space.
And what next? In 7-10 years time, I am sure we will need to readjust again. Maybe all viewings will be carried out by robots. For now, we should just enjoy a new competition to the market that is shaking things up and challenging a sleepy, dull and historically boring industry.