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WeWork is one of Metro Vancouver’s largest office tenants, with a total footprint of 678,000 square feet, including 279,000 sq. ft. of existing space and 399,000 sq. ft. of planned space, with firm deals, across nine locations, according to a recent report on Canada’s co-working market by CBRE brokerage house.

When reached by Postmedia, WeWork declined to make someone available for an interview, but emailed a statement saying WeWork continues to sign new lease agreements with its landlord partners.

“We expect the pace of entering new lease agreements to slow over the next several quarters as we pursue more strategic growth and focus on accelerating our path to profitability,” the statement read.

So far, WeWork’s existing locations in Vancouver don’t appear to be affected “in a material way,” said Kirk Kuester, the managing director for Colliers International in B.C.

“They’re up, they’re running,” he said.

Photo by Francis Georgian / PNG

The bigger issue, Kuester said, could be over pre-leases WeWork may have signed, or planned to sign, at buildings that have not yet been completed in Vancouver’s current construction cycle.

“There are other deals in the works,” he said. “It will really take some time to see how those deals play out. The landlords would likely be looking at those deals closely and making sure they’re well secured from a covenant perspective and perhaps from a credit perspective.”

It is possible those deals won’t happen at all.