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WeWork Landlords in London and New York Are Bracing for a Market Fallout

  • Co-working firm is top private-sector tenant in both cities
  • Traditional landlords, brokers, competitors prepare to step in
A WeWork location in London.

A WeWork location in London.

Photographer: Jason Alden/Bloomberg
Updated on

WeWork’s landlords in New York and London, the two biggest markets for the troubled co-working firm, are preparing for any drop in demand from the company, which had arrived in both cities just when vacancies were poised to rise.

WeWork is the largest private-sector tenant in both cities. In Manhattan, the company has 7.2 million square feet of space, according to brokerage firm CBRE Group Inc. In London, the company has leased about 3.7 million square feet since 2014, according to data compiled by broker Savills Plc, making it a major source of demand that’s helped the U.K. capital weather the uncertainty following the 2016 Brexit vote.