2024-12-31T00:02:04-05:00 https://archinect.com/news/article/150399011/wework-seeks-to-vacate-40-new-york-properties-following-bankruptcy-filing Josh Niland 2023-11-15T14:32:00-05:00 >2024-10-25T04:07:38-04:00 <img src="https://archinect.gumlet.io/uploads/61/61ddc1025295c823bf810c32fb561818.jpg?fit=crop&auto=compress%2Cformat&enlarge=true&w=1200" border="0" /><p>After officially <a href="https://apnews.com/article/wework-bankruptcy-be8c36b9720377334645e37c73d55e6e" target="_blank">filing for Chapter 11 bankruptcy protection</a> last week, <a href="https://archinect.com/news/tag/571846/wework" target="_blank">WeWork</a> has released a subsequent <a href="https://document.epiq11.com/document/getdocumentbycode?docId=4244811&amp;projectCode=WWK&amp;source=DM" target="_blank">list</a> of 40 &ldquo;underperforming locations&rdquo; across New York City that the company hopes to walk away from over the coming months pending court approvals.</p> <p>The news was first <a href="https://commercialobserver.com/2023/11/wework-bankruptcy-rejects-40-leases-new-york/" target="_blank">made public</a> via the <em>Commercial Observer</em>, which also reported WeWork as identifying another 29 properties in the U.S. and Canada it plans to relinquish. The news adds to concerns over the performance of the commercial real estate market in New York and other cities. WeWork had been, until very recently, one of the biggest tenants in Manhattan.</p> <p>The company has retained Hilco Real Estate to re-negotiate terms on its more than 400 outstanding leases and will allow some members to re-negotiate with landlords directly in certain cases. Current members will be transferred to better-performing locations still operated by WeWork. (The company has a total of 779 properties worldwide.)</p> <figure><p><a href="https://archinect.gumlet.io/uploads/34/34943dc99ae3041a50b919c3421b5030.jpg?auto=compress%2Cformat&amp;enlarge=true&amp;w=1028" target="_blank"><img src="https://archinect.gumlet.io/uploads/34/34943dc99ae3041a50b919c3421b5030.jpg?auto=compress%2Cformat&amp;enlarge=true&amp;w=514"></a></p><figcaption>Related on Archinect: <a href="https://archinect.com/news/article/150330298/wework-is-cutting-back-as-losses-continue-into-q3" target="_blank">WeWork is cutting ...</a></figcaption></figure> https://archinect.com/news/article/150160197/commercial-real-estate-is-in-trouble-around-the-world Antonio Pacheco 2019-09-19T19:59:00-04:00 >2019-09-21T03:01:04-04:00 <img src="https://archinect.gumlet.io/uploads/d6/d607108878ea8908a72cf3ee6ad16604.jpg?fit=crop&auto=compress%2Cformat&enlarge=true&w=1200" border="0" /><em><p>Commercial-property prices in major cities around the world tumbled in the second quarter, amid signs of slower global growth and heightened trade tension between China and the U.S. Average property prices fell in the second quarter from the first quarter in Hong Kong and Seoul to London and Washington, D.C., according to data from Real Capital Analytics.</p></em><br /><br /><p><em>The Wall Street Journal</em> reports that Melbourne, central Sydney, Seoul, Singapore, Paris, London, Chicago, and Washington, D.C. all saw a retreat in commercial real estate property values during the second quarter of 2019. The trend applies to struggling sectors like office buildings and malls.</p> https://archinect.com/news/article/149956626/property-funds-suspend-trading-in-biggest-seize-up-since-financial-crisis kplatzgummer 2016-07-08T03:25:00-04:00 >2016-07-18T05:07:32-04:00 <img src="https://archinect.gumlet.io/uploads/q2/q2i2lf0vhbtgl8gw.tiff?fit=crop&auto=compress%2Cformat&enlarge=true&w=1200" border="0" /><em><p>Property funds worth &pound;18 billion have stopped trading after Brexit sent a chill through the commercial property market. [...] The fear was that too many property investors would try to take their money out at once, forcing fund managers to sell properties at a loss. [...] The Bank of England has warned that the share prices of UK real estate investment trusts have fallen sharply following the referendum.</p></em><br /><br /><p>Read more about the effects of Brexit on archinect:</p><p><a href="http://uk.archinect.com/news/article/149957192/creative-currency-post-brexit-mark-middleton-of-grimshaw-weighs-the-good-and-bad-for-uk-firms-as-split-with-eu-looms-on-one-to-one-30" rel="nofollow" target="_blank">Creative Currency, post-Brexit</a></p><p><a href="http://uk.archinect.com/news/article/149956742/post-brexit-pessimism-causes-precautionary-job-losses" rel="nofollow" target="_blank">Post-Brexit pessimism causes precautionary job losses</a></p><p><a href="http://uk.archinect.com/news/article/149955508/after-brexit-the-priority-for-the-government-at-this-time-will-not-be-big-sexy-projects" rel="nofollow" target="_blank">After Brexit, &ldquo;the priority for the government at this time will not be big sexy projects&rdquo;</a></p><p><a href="http://uk.archinect.com/news/article/149953793/architects-react-to-shocking-eu-referendum-result" rel="nofollow" target="_blank">Architects react to shocking EU referendum result</a></p>