URBIN featured in Bisnow South Florida Real Estate News Section in an article titled ” Does WeWork’s Stumble Herald A Bigger Collapse For Coworking? Miami Might Have The Answer
“WeWork’s failed IPO rollout and doubts about its underlying business model beg the question: Will the fallout spread to coworking, just as it has started taking up more and more of the office market?
For that answer, watch the city with the highest percentage of coworking in the country: Miami.
Location Ventures CEO Rishi Kapoor, who is based in Miami and has ambitious worldwide plans for co-working and co-living with his URBIN concept, moved quickly to highlight differences in his business model.
He sent a statement to investors: “We are not WeWork,” he assured them.
Coworking companies leased 270K SF of Miami office space in Q1 alone, according to a JLL report from June. Regus/IWC is the biggest coworking tenant with 769K SF in the market, followed by WeWork at 522K SF, Quest Space at 166K SF, the Nexus Workspaces at 106K SF and Cambridge Innovation Center at 70K SF.
WeWork has nine locations in Miami, Miami Beach and Coral Gables. In recent months, WeWork has reportedly signed leases to occupy 89K SF at Southeast Financial Center and 146K SF in a planned Miami office tower, 830 Brickell.
Much of WeWork’s now-laughable $47B valuation was attributed to hype stirred up by its charismatic leader, CEO Adam Neumann. But after an initial public offering prospectus released in August revealed some of his self-dealing and other company risks, Neumann has stepped down to become nonexecutive chairman, and WeWork is moving forward to try to improve the company’s bottom line.
Read more from the Bisnow article here
