The commercial real estate sector is in horrible shape. Proof of this can be seen with office sharing firm WeWork which put out a statement saying that they may no longer be able to operate because of financial losses and membership cancellations.
JUST IN: WeWork said there’s “substantial doubt” about its ability to continue operating, citing sustained losses and canceled memberships to its office spaces https://t.co/3uZd5xp1CP
— Bloomberg (@business) August 8, 2023
At least its stock appears to be doing good today.
Bought a few million in $WE WeWork today
We like to buy companies that are oversold with bankruptcy worries pic.twitter.com/5Hqgvf5aAF
— Teeird (@Teeird) August 10, 2023
WeWork stock, $WE, is up 116% a day after the company said they have "substantial doubt" about their ability to say in business.
This feels like the meme-stock era all over again. pic.twitter.com/B6nxtYpDSU
— The Kobeissi Letter (@KobeissiLetter) August 10, 2023
The commercial real estate sector has been toast since the virus hoax and the lockdowns destroyed it. The hoax forced all sorts of companies to work remotely. Many companies found out that they didn’t even need the overhead that came with managing office space and this is the end result of that.
You also have other problems in cities with the crime, homelessness etc.. that is further contributing to the commercial real estate disaster. It goes without saying that none of this is good for the economy.
