WeWork, virtually synonymous with the concept of the shared office, filed for bankruptcy protection last year stemming from worsening management issues, but the impact on the Korean office market has been minor. WeWork currently operates 19 branches in Korea, but the average rental rate is over 80% and it is known to be profitable. WeWork opened its first branch in the Hongwoo Building at Gangnam Station in 2016, and opened its latest branch in the Apro Square Building at Shinnonhyeon Station in 2020. This is before the general rent increase in the Seoul office market began. Office rents have begun to rise steeply since 2021, and the vacancy rate […]