WeWork, Upflex Partner on Flex Space Offering

WeWork and Upflex, a coworking aggregator and global flexible workplace startup, have announced a partnership that will establish a combined global network of over 5,500 locations. WeWork will also participate in Upflex’s Series A funding alongside additional investors.

Through the partnership, both WeWork and its members will gain access to Upflex’s fast-growing, aggregated portfolio of over 4,800 third-party spaces, provided by over 700 flexspace operators across 80 countries. 

Flex Space a ‘Crucial Piece’ of Office Strategy

Office tenants are increasingly looking to flex space as a crucial piece of their real estate strategy in the wake of COVID-19, with nearly a quarter of respondents recently surveyed by CBRE reporting having more than 10% of their portfolio in the asset class. 

The recent CBRE report said that the need for agility has never been greater as workforce behaviors have been transformed during the pandemic and likely will never return to pre-pandemic norms.

In response, providers of this space are making moves to meet growing demand. 

In the WeWork-Upflex partnership, WeWork will exclusively sell Upflex inventory to its members. WeWork will also roll out enhanced WeWork Access membership options in which members will have the ability to search, view and book space at select non-WeWork locations within the Upflex network. 

Reciprocally, Upflex will be the exclusive coworking aggregator to access WeWork’s global inventory, allowing both Upflex’s customers and employees to book workspace at WeWork locations through the Upflex platform—marking the first time WeWork has allowed workspace bookings from a third-party platform. 

WeWork Continues Shift to Asset-Light Growth

“As we look to the future of work, this partnership will not only drive more value in our own product offerings for WeWork members, but also promote a more innovative and collaborative flex ecosystem that is continually thinking of new ways to better serve the workforce, Sandeep Mathrani, CEO of WeWork, said in prepared remarks. 

The deal marks a step forward in WeWork’s continued shift into an asset-light growth strategy by exponentially increasing the physical network for members without added incremental capital investments. 

“WeWork and Upflex share the same goal: create a better workplace for everyone, and we are excited to take the industry to a new level by matching the largest players in supply and demand together,” Christophe Garnier, CEO of Upflex, said in prepared remarks.