Knotel, a rival to WeWork that leases office space to larger companies, has laid off 30% of its workforce and furloughed another 20%—becoming the latest venture capital-backed real estate firm to bow to the impact of coronavirus
Founded in 2016, Knotel has dozens of locations in 17 cities that provide subleased office space to corporate clients. Like its larger rival WeWork, the company has grown at a rapid clip and now leases more than 5 million square feet of office space; more than 1 million square feet was added in the second half of 2019.
In February, Sarva told reporters that his firm had “profitability very much in sight” and that it had $350 million in contracted annual revenue for 2020. On Friday, Sarva said that Knotel has now “revised down our forecast for the year” but said the firm still expects to be profitable this year.
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