Office Space

Reuters | |

SoftBank-backed office-sharing startup WeWork on Thursday reported a first-quarter net loss of $2.06 billion, as it was hit by restructuring charges while it prepares to go public through a merger with a blank-check firm.

WeWork said its business was recovering as more people returned to offices due to easing of COVID-19 curbs, after work-from-home arrangements last year weighed heavily on the company by reducing occupancy and increasing operating costs.

Reuters | |

(Reuters) - WeWork lost $3.2 billion last year, according to documents shown to prospective investors by the office-sharing startup as apart of a pitch for $1 billion in investment and a stock market listing, the Financial Times here reported on Monday.

The company’s losses narrowed from $3.5 billion in 2019 and it plans to go public at a valuation of $9 billion including debt through a merger with a special purpose acquisition company (SPAC), the report said.

Kimberly Redmond | |

Alphabet Inc’s (Nasdaq: GOOGL) Google is committing to more office space in the US, despite the rise of remote work due to the COVID-19 pandemic and growing momentum for companies to let employees work from home permanently. 

On Thursday, Google announced it will invest more than $7 billion in offices and data centers across 19 states, a move that will create at least 10,000 full-time jobs this year.

Reuters | |

JPMorgan Chase & Co is looking to sublet big blocks of office space in Manhattan, Bloomberg News reported on Tuesday, citing people with knowledge of the matter.

The bank is looking to sublet just under 700,000 square feet at 4 New York Plaza in the Financial District and more than 100,000 square feet at 5 Manhattan West in the Hudson Yards area, the report said.