WeWork Expands To Philly, Putting Pressure On Local Co-Working Companies
NYC-based office-sharing behemoth WeWork just opened its first Philly location.
WeWork now occupies the 30k SF former Schmidt’s Brewery in the Northern Liberties’ Piazza development, and it’s only one of three shared-office buildings WeWork plans to open in the City of Brotherly Love, The Inquirer reports. Another 30k SF space is planned to open in the fall at 1430 Walnut St, along with a 40K SF space at 1601 Market St.
The move is not good news for everyone—WeWork’s presence could spell doom for the numerous local office-sharing companies in the city, who together account for around 400k SF of existing or planned co-working space. [Philly]