Quote:
Originally Posted by StoOgE
The issue is wework is a major tennant in lots of commercial real estate downtown and around austin.
It could cause a quick drop in demand and rapid oversupply.
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Not on a massive scale.
WeWork currently has 8 leased spaces in Austin totaling 515,000 square feet, and they are in lease negotiations for an additional 210,000 square feet, which probably won't happen now. 515,000 sf spread out across 8 buildings is not that much in the grand scheme of things. Austin won't be impacted as significantly as New York or Chicago, where WeWork is the largest and second-largest tenant in those cities, respectively.
Edited to add, they are in 7 leased spaces and own their building at 801 Barton Springs.