Big companies are taking over WeWork's co-working hubs.
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The number of enterprise companies with over 1,000 employees leasing space from WeWork has almost doubled in the last year, and the number of seats taken up by these organizations has quintupled, Recode reports.
These enterprise companies now account for 20% of WeWork’s membership and 30% of its monthly revenue. This absorption from enterprise companies is somewhat of a shift from WeWork's early years, when startups, entrepreneurs and independent contractors overwhelmingly occupied space.
WeWork began offering its enterprise product in May 2016, bringing major clients, including Microsoft, Salesforce, Bank of America and HSBC, on board.
WeWork has about 150,000 members spanning 212 locations in 52 cities in total. The company has announced plans to double its real estate footprint, a feat that may become easier given the recent $4.4B investment by SoftBank.
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