WeWork’s S-1 filing said it has 527,000 memberships, a term that inflates the number of members it has since an undisclosed portion of paid memberships are empty, unused desks. The company also reported revenue for its fiscal year ended June 30, 2017, which included $19.5 million in net income on sales of $2.2 billion. The company charges per desk rather than the industry standard sq ft, and it allots around 50 sq ft per person, which is about 20% the norm for commercial offices industry wide. Many members pay for more desks that they actually use, in addition to which 6% of WeWork members are on-demand customers that pay a small monthly fee for access to the office twice a month.
WeWork’s S-1 filing said it has 527,000 memberships, a term that inflates the number of members it has since an undisclosed portion of paid memberships are empty, unused desks. Members refers to the number of people of companies that lease space, while memberships refers to the number of desks and workstations members are paying for. The company charges per desk rather than the industry standard sq ft, and it allots around 50 sq ft per person, which is about 20% the norm for commercial offices industry wide. Many members pay for more desks that they actually use, in addition to which 6% of WeWork members are on-demand customers that pay a small monthly fee for access to the office twice a month.