More office landlords and flexible work space operators are likely to form partnerships that will do away with the traditional lease business that has been ‘catastrophic’ for the industry, according to the founder of The Work Project.

Once valued at US$47 billion, WeWork’s plunge into bankruptcy damaged the professional reputation of SoftBank’s Masayoshi Son far beyond the US$11.5 billion he lost in the co-working office space start-up.

The company, which struggled to survive the Covid-19 pandemic and a derailed initial public offering, reported estimated assets and liabilities ranging from US$10 billion to US$50 billion.

WeWork plans to file for bankruptcy as early as next week, a source familiar with the matter said on Tuesday, as the SoftBank Group-backed company struggles with a massive debt pile and hefty losses.

Flex space provider IWG says it is adding locations rapidly in the Greater Bay Area as property owners seek to capitalise on the trend. Major landlords Hongkong Land and Swire Properties also have their fingers in the co-working pie.

Shanghai-based White Space, co-founded by an American entrepreneur, hopes to attract Chinese businesses downsizing their real estate footprint amid a slowing economy.

Companies like Walt Disney might be pushing to get workers back in offices most of the week, but they are the outliers – more businesses than ever are adapting to flexible and hybrid work for their employees.

The firm, in which Shanghai-based investment firm Trustbridge Partners holds a more than 51 per cent share and WeWork Global has a minority stake, is seeing more Chinese firms turning to flexible offices in Hong Kong.

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WeWork China is trying new ways to grow its co-working business, collaborating with Douban, an online platform for book, film and music lovers in China, on a social and events space in Beijing, for example.

The joint venture will acquire and operate shared-office operator IWG’s 32 existing locations and the Regus, Spaces and Signature brands in the Greater Bay Area.

Hong Kong’s co-working sector is set to stabilise and recover after a period of rapid expansion and will be supported by the remote working trend.

The incident appears to be the latest woe for Danke, after being caught in November between angry landlords who were owed their rent and sublet tenants who had paid their deposits but were evicted.

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The Executive Centre (TEC) is banking on the future business hub to fuel its expansion even as Colliers sees shared office operators giving up vast swathes of space amid the Covid-19 pandemic.

The world’s largest operator of serviced offices is taking floors 31 and 32 of Hysan Place which were abandoned by WeWork in April amid dwindling demand.

WeWork, the US operator of shared work spaces, 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.

WeWork had planned to open in Causeway Bay, Tsim Sha Tsui and Kowloon Bay last year, but these have been delayed as it prioritises safety of its operations globally.

Beijing-based Kr Space confirms that it was handing over the space back to Wharf Real Estate Investment Company and was in talks with the landlord on compensation for breaking the lease.

WeWork is slashing almost 20 per cent of its workforce in a restructuring of its money-losing operation after a doomed global stock offering.

The potential retreat comes after WeWork said just last week it plans to expand its footprint in Hong Kong and open four new locations this quarter. Some of those are among the spaces it is now looking to vacate.

Market observers believe the flexible office market is here to stay, but it is due for a shake-up and see new business models emerging.

The Israeli-born businessman whose wife, Rebekah, is actor Gwyneth Paltrow’s cousin, has been scrutinised for his lavish spending, excessive partying and dodgy work ethic

Founder Adam Neumann will now leave the company’s board as part of the package, who will still get US$1.2 billion in WeWork stock