Commercial property owners in New York joined a panel to discuss the impact of WeWork on the real estate industry. The event was hosted by the Real Estate Board of Greater New York, which represents more than 1,000 commercial and residential properties across the city. Powers stated it had been the most poorly serviced sector throughout his careers with landlords, brokers, lawyers and builders all reluctant to work for small tenants adding that WeWork had cracked the code and removed the stigma attached to having a co-working tenant in a building.
Commercial property owners in New York joined a panel to discuss the impact of WeWork on the real estate industry. John Powers, EVP of Boston Properties described WeWork as an aggregator, a consolidator of demand that would otherwise not be in the office marketplace given the difficulty faced by smaller tenants seeking deals. Powers stated it had been the most poorly serviced sector throughout his careers with landlords, brokers, lawyers and builders all reluctant to work for small tenants adding that WeWork had cracked the code and removed the stigma attached to having a co-working tenant in a building.