WeWork’s troubles darken outlook for embattled office market

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The problems facing co-working titan WeWork are clouding the outlook for the world’s biggest business centers, where rising office vacancies are already putting pressure on investors looking to refinance big mortgages next year.

Media reports on Wednesday suggested the New York-listed flexible workspace provider – once privately valued at $47 billion – was considering a bankruptcy filing next week.

Backed by Japan’s SoftBank, WeWork wanted to revolutionize the office market by signing long leases on large properties and renting the space to multiple smaller companies on more flexible, shorter-term arrangements.

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