WeLive: What happened to the co-living arm of WeWork?

In order to disrupt the traditional renting industry, WeLive, the co-living division of WeWork, was established in 2016. It offers completely furnished apartments with adjustable lease terms and shared amenities. WeWork, however, disclosed its intention to sell off WeLive and concentrate on its main business of coworking spaces at the beginning of 2020.

After WeWork’s unsuccessful IPO attempt in 2019, which revealed the company’s financial instability and resulted in the resignation of its co-founder and CEO, Adam Neumann, the decision to sell WeLive was made. Due to low occupancy rates in some areas and significant running costs associated with the requirement for daily cleanings and maintenance of common facilities, WeLive was also experiencing financial difficulties.

WeWork has seen considerable difficulties with regard to its overall performance in the wake of the COVID-19 pandemic. WeWork has experienced a fall in demand for its services and has been forced to close several of its sites as a result of many businesses moving to remote work and avoiding shared workspaces. To attempt and stay alive, the business has also been pursuing cost-cutting strategies and concentrating on its productive sites.

Even if WeWork’s financial issues have caused some to label the firm a failure, it is crucial to remember that the business still has a sizable presence in the coworking sector and has even experienced some success recently. WeWork stated in August 2020 that it had secured 106 new leases, pointing to a potential uptick in the demand for flexible office space.

Opinions on the future of coworking spaces are divided. While some contend that the epidemic has irrevocably changed how we work and made remote work the new standard, others assert that individuals will eventually return to communal workspaces because to the need for human connection and cooperation. Coworking spaces may also be able to offer entrepreneurs and small enterprises cheaper workplace options, which is important given the present state of the economy.

Coworking spaces have been more and more popular in India in recent years, with businesses like WeWork, Regus, and 91springboard forging significant local footholds in important cities. Even though the pandemic undoubtedly had an effect on the sector, several coworking spaces in India reacted by putting in place safety precautions and providing flexible lease choices to assist businesses in weathering the storm.

WeLive’s future may be in doubt overall, but the coworking sector as a whole is still growing and adapting to new conditions. The future of shared workplaces is uncertain, but it is obvious that they will continue to be crucial to how we work and collaborate.