WeWork continues to expand both sides of the Atlantic
Co-working firm WeWork is expanding its New York and London offerings, adding 72,000 sq ft in London's South Bank Centre Vivo building, capable of housing 1,000 WeWork members and another 40,000 sq ft at its midtown New York at 135 East 57th Street location. Crains highlights that the growth in co-working firms over recent years raises concerns over a potential glut in the event of a downturn. WeWork also announced a pre-let agreement at The Bower in London last week.

The multi-billion dollar co-working company WeWork is expanding a location it has in midtown at 135 E. 57th Street to 100,000 square feet from 60,000 square feet, according to the New York Post.

The shared office space firm is taking three additional floors in the building, whose asking rents are in the high $70s per square foot.

The deal is the latest example of how WeWork has rapidly grown in recent years. According to the Post, the company, which has been valued by investors at more than $10 billion, now occupies almost two million square feet in the city. According to other estimates, WeWork has committments to fill an additional one million square feet or more.

As Crain's reported earlier this year, a growing list of other co-working firms have jumped into the business of shared office space, rapidly growing their footprint in the city in recent years. This raises concerns that the market could become flooded with co-working space that goes unused, especially if there is a downturn.