Yes, this company is in bankruptcy. Yes, it’s staying in Las Vegas anyway
Coworking giant WeWork has announced its keeping a presence in Las Vegas after its bankruptcy proceedings wrap up.
After months of bankruptcy negotiations and reorganization for the company, it announced it would be staying at its two Las Vegas office properties.
WeWork has two locations in Las Vegas that cover 138,000 square feet. One office in the Two Summerlin building measures 47,000 square feet, while the other office in Town Square measure 91,000 square feet.
WeWork filed for bankruptcy protection in November and has kept its Las Vegas offices operational since then.
The company said in April that it had received $450 million in financing, pending court approval, to support its operations through its bankruptcy proceedings. WeWork said it hopes to finish its bankruptcy restructuring by the end of May.
Outside of Las Vegas, WeWork also announced it would keep an office presence in at least eight other U.S. markets, including Detroit, Atlanta and Portland, Oregon. The company said these markets and Las Vegas contain its “strongest and most popular locations.”
“With improved operational efficiency, WeWork’s portfolio in these … markets is now better positioned to deliver the flexibility, services and experience that today’s workers want,” said Peter Greenspan, global head of real estate at WeWork, in a statement. “We thank members for their patience and understanding throughout this process, and look forward to remaining their trusted real estate partner for many years to come.”
The Las Vegas office market has been one of the strongest in the U.S., because the area has many offices with amenities that can accommodate hybrid work schedules, which are being prioritized by companies. The vacancy rate for office space in the Las Vegas Valley was 11.1 percent at the end of 2023, while the national average was 16 percent.
Contact Sean Hemmersmeier at shemmersmeier@reviewjournal.com. Follow @seanhemmers34 on X.