WeWork Partners With Brokers, Opening The Door For More Enterprise Members
While hot desks continue to attract a growing population of startups and small service businesses at WeWork, large corporations are also considering co-working spaces as an alternative to traditional leases.
As part of the move to attract bigger companies, or enterprise members as WeWork designates this class of member, the company is focused on building relationships with the brokers who oversee real estate transactions for these firms.
The WeWork Broker Partnership Program rewards brokers for the introduction of clients to the WeWork community. Brokers can introduce a client, own the relationship and be compensated regardless of how involved they are throughout the process.
For new agreements of 20 desks or fewer, brokers can earn 15% of their client’s gross membership fee for up to 12 months, paid up front. For agreements with 21 desks or more, brokers earn 20% of the client’s gross membership fee for up to 12 months, paid up front.
Additionally, renewals and expansions are part of the program. Brokers can earn 5% on months 13 through 36 for agreements with an initial term of 12 months.
“Our goal is to be great partners to the brokerage community by building and nurturing relationships and offering solutions to our real estate partners and their clients, our members,” said Julia Davis, a WeWork vice president who serves as global head of the Broker Partnership Program.
"It is not about the compensation, it's about offering our clients a best-in-class, flexible alternative to standard office space,” Cushman & Wakefield Global Chairman for Brokerage Services Bruce Mosler said to Bisnow in a prior article. "I think that WeWork’s value proposition and offerings have grown exponentially to where, rather than just a smaller or even midsized operation, they can entertain alternatives for an enterprise-level member. Their platform of offerings is what sets them apart in the industry."
Miguel McKelvey and Adam Neumann founded WeWork with the mission to combine modern, shared spaces with an emphasis on community. Over the past seven years, the company has expanded to 149 locations in 45 cities and 15 countries to create an unmatched global network and community of nearly 130,000 members.
From off-the-shelf solutions to customized, collaborative workspaces dedicated to individual companies, WeWork is a flexible workspace solution provider for members of all sizes.
Corporations, many with their own campuses, have this community-based approach to the workplace and are opening satellite offices to provide employees with the flexibility to work in environments where they feel most productive. For example, in 2016, Dell leased space in WeWork’s New York, Chicago and Miami locations.
WeWork is ideal for firms focused on recruiting and retaining talent within their industry, as the services and community that WeWork offers attracts millennials who are looking for a dynamic workplace.
WeWork also provides flexible solutions for companies looking to grow or test a market prior to expansion. The Odyssey, an online media and publishing company, started out in just two WeWork offices in 2014. Three years later, the member company has over 150 employees and occupies nearly an entire floor of desks and offices.
To learn more about the broker referral program, click here.