Regus has filed for Chapter 11 on over 100 locations across the US, with 6 located in New York. These shared office spaces were based in Manhattan, Brooklyn, and Long Island City. This is in line with parent company, IWGs plan to trim 4 % of its global portfolio as a response to the worldwide pandemic.
Regus has 10 times as many locations as WeWork and has been in the game for much longer – since 1989. It is the model of shared office space and a crystal ball for what is to come for the industry. If they are not doing well in this market that is a telltale sign for smaller players in the industry. Most of the locations filing for bankrupcy are in urban cities. Regus believes its clients will have an increased demand for suburban spaces closer to home.