WeWork achieves strong Year-on-Year growth in Q1 of 2022, sees capacity to meet evolving office space demands in the Philippines
THE PHILIPPINES, June 21, 2022 – WeWork Inc. (NYSE: WE) (“WeWork”), a leading global flexible space provider, expressed confidence in its capacity to meet changing workplace demands as a result of hybrid work adoption in the Philippines, after turning in strong financial results for the first quarter of 2022.
In Southeast Asia, WeWork saw a 70% year-over-year increase in total consolidated desk sales for Q1 of 2022. Across WeWork’s four locations in the Philippines including RCBC Plaza, Menarco Tower, Milestone at 5th Avenue, and Uptown Bonifacio Tower Three, the company’s total consolidated desk sales grew more than six times in the first quarter of 2022 compared to previous year numbers.
Occupancy for the same period in 2022 also saw an uptick from 2021, with the Philippines experiencing a 15-point year-on-year increase and Southeast Asia garnering a 20-point bump in occupancy. Meanwhile, total combined revenue for the Philippines saw a year-on-year increase of 25% and close to 40% increase in Southeast Asia for Q1 of 2022.
“As one of the earliest markets to reopen its borders in Southeast Asia, the Philippines is also one of the fastest recovering markets in the region. The country’s agility and economic resilience is evident in our results and I am optimistic about the continued growth momentum here,” says Balder Tol, General Manager for WeWork, Australia and Southeast Asia.
With the Filipino workforce consistently expressing strong preference for hybrid and remote work arrangements, Tol believes that flexible workspaces are well positioned to support this new era of work.
“WeWork is excited to partner with Philippine companies in creating a seamless and flexible work environment that addresses existing business and employee needs, with the flexibility to scale according to changing needs,” Tol added.
WeWork’s offerings will be further bolstered by the company’s new partnership with Yardi, a leading provider of real estate software to landlords, institutional investors, and property owner-operators.
The partnership will merge Yardi’s industry-leading property management and enterprise resource planning software and tech capabilities with WeWork Workplace’s booking capabilities to create a universal platform designed to enable companies to optimize space across their portfolio and manage hybrid work models.
The enhanced WeWork product is expected to launch commercially in July 2022.
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