2019-10-01 — wsj.com
Turmoil at WeWork is causing the shared-office-space company to all but stop signing new leases, a fresh blow to New York City's already softening commercial real-estate market.
We's new management team decided on Thursday to resume leasing. "We expect the pace of entering new lease agreements to slow over the next several quarters as we pursue more strategic growth," a We spokesman said Friday.
That decision may not make much of a difference. The vast majority of New York City landlords have little interest in taking on WeWork as a new tenant while the company is struggling to shore up its finances, brokers and landlords say.
But some landlords have shelved potential deals with WeWork that were under negotiations, and some building owners are considering terminating agreements with WeWork in instances where spending on capital improvements hasn't begun, brokers and building owners said.
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