30 Stunning 2022 WeWork Statistics – The New Era Of Coworking
Updated · Jun 03, 2022
Since its launch in 2010, WeWork has taken the world by storm. Creating a global network of workspaces, the real estate giant aims to do more than just give people a place to work. Instead, WeWork aims to provide inspiring and dynamic work environments that make work more pleasant.
Eager to learn more? Want to know how many people use WeWork and who WeWork competitors are? Or maybe you just want to keep up with the latest coworking trends of 2022? Rest assured, we've done the hard work for you.
Our WeWork statistics will answer your burning questions and give you all the info you need on this innovative industry. Why wait? Take a look at the best WeWork stats now.
Fascinating WeWork Stats and Facts
- About 2.2 million people were working in coworking spaces in 2020.
- In 2020, WeWork had laid off a total of 2650 employees.
- WeWork cut its spending to $482 million in 2020.
- WeWork plans to open 60 new locations in 2021.
- The company was still going strong in 2020 with revenue of over $3.81 billion.
- WeWork spent about $20 million renovating offices in 2020.
- The organization plans to invest $100 million in WeWork India in 2021.
User and Usage Statistics
The whole idea about WeWork is impressive and the facts below affirm that:
1. WeWork caters to over half a million members.
As one of the biggest coworking companies in the world, WeWork has a staggering amount of members. The latest We company facts and stats put their membership numbers at an estimated 609,000, a stark contrast from their 450 members in 2010.
2. About 2.2 million people were working in coworking spaces in 2020.
The coworking concept has come a long way. As of 2020, the industry grew in leaps and bounds. The number of users increased by about 2,239,000, according to coworking trends.
3. By the end of 2020, WeWork terminated 20% of its workforce.
WeWork went through a rough patch in 2019. The WeWork coworking space was doing well that same year with a valuation of $47 billion. Then, a faltering IPO led the company to plummet to $8 billion.
By this time, the company was clinging to dear life and had to let go of staff to cut on costs.
It had 14500 employees by September 2019. Due to the layoffs, the company had 11850 workers left by mid-2019. Later that year, it shed its workforce to just 5,600.
4. WeWork's network covers 23 countries.
The company's coworking space services expanded to 23 countries in 2019. With locations in 127 cities, WeWork has a presence in several major global regions: North America, Asia-Pacific, Europe, the Middle East, and Africa.
5. WeWork stats shows that it had a financial standing position of $3.9 billion by 2020.
(Source: The Real Deal)
Let’s make one thing clear:
Despite the business being in murky waters the last few months, it's not that bad. The company is still trying its best to stay afloat and isn’t planning on filing for bankruptcy any time soon.
With commitments and cash close to $4 billion, it's still in strong financial standing.
6. Shared office services have been proven to increase employee engagement.
(Source: Coworking Resources)
When you book a space in a WeWork coworking office, you don't just gain access to the facilities and services you need. The company prides itself on enhancing business performance and employee engagement via collaborative working environments.
7. Several major brands use WeWork locations.
(Source: Coworking Resources)
As well as providing startup workspace to entrepreneurs and SMEs, WeWork caters to major corporations too. Amazon, Airbnb, Microsoft, and IBM all have staff operating from WeWork buildings. While some share space with other members, others lease entire WeWork buildings for their teams.
WeWork workspaces are virtually everywhere on the planet.
Here's where it all began:
8. WeWork's first location was New York City.
(Source: Business Insider)
WeWork stats tell the story of the company launching in NYC in 2010. It wasn't long before WeWork became active in a number of states across the U.S. Now, there are over 50 WeWork locations in New York and the company leases over 5 million square feet of space in the city.
9. There are 850 locations within the WeWork network.
Stretching across several continents, the WeWork global network boasts an impressive number of locations. Currently, the firm has a total of 850 locations, although more are expected to be opened in the near future.
10. You can lease a WeWork coworking space in 127 cities.
There are 127 WeWork cities in 23 countries worldwide. The majority of WeWork offices are situated in North America, although you'll find them in Asia, Europe, and Australia too.
11. WeWork Labs are available in over 100 global locations.
Aimed at early-stage startups, WeWork Labs offer mentorship, support, and education, as well as collaborative workspaces.
Currently present in over 100 locations, you'll find WeWork Labs in places like Melbourne, Rio de Janeiro, Toronto, Shanghai, Paris, Hamburg, Mumbai, Dublin, Tel Aviv, London, Dallas, Miami, and Seoul.
12. WeWork Food Labs are available in three U.S. locations.
Designed to accelerate the development of food tech and sustainable food production, WeWork has created several innovative food labs.
While only three are currently operational, there are plans to create new ones across their global network. Currently, you can lease space in WeWork Food Labs in San Francisco, Austin, and Seattle.
13. WeWork’s valuation dropped to $2.9 billion in 2020.
WeWork valuation dropped by $2.9 billion by March of 2020. The most significant contributor to this loss was the Covid 19 pandemic. Most people couldn’t work from the centers due to the mandatory stay-at-home orders.
WeWork Growth Statistics
Let’s take a look at some numbers about WeWork’s growth - as well as the growth of the industry as a whole.
14. Coworking locations have more than doubled in 4 years.
(Source: All Work)
The coworking industry has grown significantly in recent years. Between 2014 and 2018, the number of coworking locations increased by 205%. By 2022, the sector is expected to see annual growth of 6% each year in the U.S. and 13% in the rest of the world.
15. WeWork has more than quadrupled its revenue in the last 3 years.
WeWork statistics show its revenue almost doubled in 2017 from 415 million to 822 million. However, 2018 to 2019 saw even bigger growth for the company. With annual revenue of 1.8 billion U.S. dollars, the firm successfully doubled its annual growth once again.
16. The We Company has expanded into new sectors in the last couple of years.
(Source: Business Insider)
Following a period of rebranding, numerous companies now operate under The We Company umbrella. As The We Company statistics show, four companies are part of the organization.
Here’s how each of these works:
- WeWork offers shared coworking spaces
- WeLive focuses on group living and residential accommodation
- WeGrow is the company's educational arm
- “Rise by We” is their luxury gym and fitness enterprise
17. WeWork saw a 90% increase in corporate clients in just one year.
(Source: Coworking Resources)
Although a significant number of entrepreneurs, startups, and enterprises are members of WeWork, the company has seen a rise in the number of larger clients taking up office space. Between 2016 and 2017, there was a 90% increase in terms of corporate clients using WeWork locations.
There’s also a 360% increase in demand from remote workers. While this makes up the bulk of the firm's clients, some WeWork locations are now entirely occupied by staff from big corporations. It can be shocking how many people use WeWork!
18. Despite high revenue of $1.8 billion, WeWork still makes annual losses.
When a company generates annual revenue of 1.8 billion U.S. dollars, you would expect it to be making a healthy profit. However, WeWork has suffered from ongoing losses. With expenses of approximately 1.93 billion U.S. dollars per year, WeWork loses over 100 million U.S. dollars annually. Still, that's not unusual for modern companies. For instance, Uber also loses money.
19. The company has attracted massive investments from SoftBank.
(Source: Financial Times)
WeWork has attracted investment from major backers. Notably, the company has received over 10 billion U.S. dollars of investment from the Japanese firm SoftBank.
20. WeWork has been valued at $47 billion.
Despite making significant losses each year, the most recent WeWork valuation estimated the company to be worth $47 billion.
However, the valuation of WeWork has been subject to criticism. In an Adam Neumann interview, the cofounder justified the valuation, citing the role the company's energy and spirituality had on its value.
21. The We Company is still a private organization.
(Source: Business Insider)
Although the firm attempted to go public in 2019, you can't buy WeWork stock just yet. A failed IPO bid prevented the company from being listed on the markets and concerns about the firm's value put the move in jeopardy.
WeWork Advertising Statistics
These next couple of statistics will show you how WeWork handles its advertising.
22. WeWork uses the same design across numerous mediums.
With a clear example of consistent branding, the company’s advertising incorporates the same core design principles across a range of advertising and marketing platforms. Considering that steady brand promotion leads to a 23% increase in revenue, that's a successful strategy.
23. You will see WeWork advertising in traditional and digital formats.
The WeWork marketing strategy combines traditional and digital advertising to promote its locations, services, and tools, such as the WeWork mobile app. Aside from content marketing, WeWork uses SEO, large format printing, social media, and window treatments to engage prospective members.
24. The WeWork Newsroom is the company's PR hub.
When you want to catch up on the latest WeWork news, you can go straight to the source. The WeWork Newsroom is the company’s own direct link to its audience.
The platform is designed to keep you updated on the company's breaking news. Here, you’ll find out which new locations are opening, what new opportunities are coming up, and when WeWork will be launching near you.
25. WeWork runs its own Creative Awards in conjunction with Ashton Kutcher.
(Source: Ad Age)
Reflecting its commitment to enterprise, startups, and collaborations, WeWork operates its very own award season. The pitch contest aims to give members the opportunity to compete against one another for a chance to win big.
Fun Facts about WeWork
Here are some of the lesser-known facts about WeWork. They might just surprise you.
26. The firm uses its very own font for all its marketing content.
The WeWork font, Aperçu Pro Medium, is ‘a modern sans-serif with classical cues’. It is designed to be interesting enough to grab your attention, yet clear enough to read from a distance. It is the go-to font for all the marketing content the brand releases.
27. The U.S. Air Force uses WeWork locations.
Along with leasing workspace to corporate giants like Microsoft, IBM, and Salesforce, WeWork counts the U.S. Air Force as one of its members too.
28. WeWork designs and builds offices too.
Although WeWork uses an aggressive acquisition strategy to secure prime office locations, they also work with members to create bespoke office environments too.
Perhaps in a bid to attract corporate clients, WeWork has expanded its private and custom office services. No matter how many people use WeWork currently, there’s always room for growth.
29. WeWork co-founders grew up in a cooperative, which may have shaped WeWork’s values as well.
Given that both WeWork founders were raised in cooperatives, it’s really no surprise they’re fans of coworking. Eager to recreate the sense of community they experienced growing up, McKelvey and Neumann used their own lives as inspiration when they created WeWork.
30. WeWork is the biggest holder of real estate in Manhattan.
In 2018, WeWork overtook JPMorgan Chase and became the biggest holder of real estate in Manhattan. With over 5.3 million square feet to rent out in Manhattan alone, it’s easy to see how WeWork has become one of the largest coworking companies in the world.
The Wrap Up
Wanted to learn everything you could about The We Company? These WeWork statistics give you the lowdown on this innovative company. Started in 2010, WeWork has taken the coworking industry by storm.
Following one of the most rapid expansions ever known, the firm has opened its doors across a wide range of cities. While 2019 was a tricky year for the firm, it continues to be a key player in the coworking and collaborative worker sector.
If you want to find out how WeWork performs over the next 12 months, or whether the company will finally go public, keep an eye out for the latest WeWork stats, facts and figures.
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Terry spends her time researching all things digital — from marketing through online business creation to software tools and how they make life easier. When not behind the keyboard, she can be found on the yoga mat or enjoying a good meal somewhere in the world.
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