WeWork is targeting larger companies to fill the space in its major development on London’s South Bank as it attempts to challenge traditional landlords and justify its lofty valuation. The company snapped up 280,000 sq ft of space near Waterloo Station last year to set up its brand of flexible offices, known as co-working. When the building, called Two Southbank Place, is completed, it will be the world’s largest co-working space. It has now emerged that it will mostly target so-called Enterprise Members – companies with more than 1,000 employees – to fill the space as it looks to move towards housing larger firms rather than start-ups. The news is likely to cheer sceptics who have suggested that WeWork’s leases to small companies on short contracts means it is more exposed to economic shocks than other office owners. But it has begun to target leasing spaces to blue chip clients looking for short-term space for specific projects or teams. Since the last financial crisis, companies have often looked for more flexibility with their office space in order to reduce or increase the number of staff more quickly.
WeWork has begun targeting "Enterprise Members" to fill it’s Two Southbank Place development. Once completed, the development on London’s South Bank will be the world’s largest co-working space. WeWork’s new focus on "Enterprise Members" – who are typically in their 20s and 30s with a lot of money – is part of its strategy for growing globally.