Co-working company WeWork announces a move into brokerage services

A year ago WeWork launched a real estate investment fund; now they’re furthering their interest in the space with a real estate advisory business offering brokerage services in the US.

The company is piloting WeWork Space Services, which will act as a representative for companies to help them find office space outside of WeWork’s locations.

Currently the plan is only for use in the US market, but WeWork offer their co-working spaces in over 25 countries around the world, including Australia and the UK.

Jason Bauer, co-founder of Voda Bauer Real Estate, will lead the team with three agents, including the other co-founder, Avi Voda.

The company is looking to target small to mid-sized businesses with the offer, and it’s expected they’ll rely on relationships already established when those companies come to WeWork for co-working space, before deciding to explore traditional rental opportunities.

By operating with their own brokerage, WeWork will now retain those contacts and the business, where previously they would have handed them on to an agency.

Any company that signs a lease through one of WeWork’s brokers will get free WeWork membership for 12 months, allowing them access to the online member network and to book conference rooms at WeWork locations.

WeWork Space Services is owned by WeWork, but agents will work as independent contractors and be paid a commission by a landlord for every lease they arrange.

Eventually the company hopes to move away from the commission model and turn the brokers into consultants who advise companies on all their office-related needs (for example, insurance) on a regular basis.

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Hannah Blackiston

Hannah Blackiston was an in-house journalist with Elite Agent. She worked with the company from January 2018 to January 2019.