WeWork Dumping HK Leases



ORIGINAL POST
Posted by Ed 53 days ago
WeWork dumps about fifth of coworking space, in breach of leases signed with major Hong Kong landlords
 
  • New York-based company has given up two floors in Hysan Place in Causeway bay and six floors in Sun Life Tower in Harbour City in Tsim Sha Tsui
 
  • Analysts say landlords Hysan Development and Wharf have burned their fingers, can’t chase WeWork for compensation
 

WeWork, the US real estate firm, is returning about 20 per cent of its Hong Kong premises to their owners, as start-ups, small enterprises and other short-term tenants failed to take up its offering of shared working space in the city.

 

It has given up 182,000 sq ft in Causeway Bay and Tsim Sha Tsui, two of Hong Kong’s prime office districts, according to agents familiar with the matter.

 

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