The dramatic announcement of the cancellation of shared workspace company WeWork's IPO continues to make waves, including in Israel. WeWork's management in Israel is not granting interviews at present, but sources inform "Globes" today that the company does not intend at this stage to proceed with its co-living projects in this country. It should be stressed, however, that since setting up co-living projects in the US, in New York and Washington DC, the company has not embarked on further projects of this kind.
WeLive, a unit of The We Company (which is also the parent company of WeWork), has two shared living projects, one in Manhattan and one in Washington DC. The company offers studio apartments and apartments with up to three bedrooms, and also a shared-living space for single nights. The WeLive projects have shared spaces such as meeting and hosting rooms, a chef's kitchen, a yoga studio, a laundry, and other amenities. Each building has a guard, cleaning services and Internet. The starting price for a studio apartment is $3,050 monthly in New York and $1,050 monthly in Washington.
In an interview with "Globes" in February 2018, James Woods, the head of WeLive, said that the company regarded the New York and Washington projects as laboratories for testing the product. Despite the intentions and declarations, however, WeLive has not expanded its activity. In an article published last week on the Bisnow website, which specializes in real estate, other co-living brands operating in the US and Europe, such as Ollie, Medici Living Group and Rent24, were said to be thriving.
Published by Globes, Israel business news - en.globes.co.il - on October 6, 2019
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