Revelations that WeWork is exiting locations in Vancouver and Burnaby won’t affect broader demand for co-working space, according to Colliers executive
Bankruptcy filings from the co-working space provider revealed this week it was looking to get out of three local leases: two in Vancouver and one in Burnaby.
“It doesn't really move the needle dramatically, if at all,” said Scarlett. “They haven't dropped some of the other locations and if they do, then that maybe moves the needle a little bit more.” The co-working company said Monday it has entered into a restructuring support agreement with the majority of its stakeholders. The goal is to reduce the company’s debt in addition to evaluating their commercial real estate portfolio.
WeWork has retained locations in Vancouver adjacent to the Canada Line’s Marine Gateway station and on Main Street in the city’s Mount Pleasant neighbourhood, among other local office locations.
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