WeWork bags US govt contract for providing hybrid working model

Office-sharing startup WeWork has bagged a US government contract to provide flexible working solutions to government employees as the surge in Covid-19 cases has forced employers to reconsider a complete return to offices. A spokesperson for the SoftBank Group Corp-backed firm told the media that the contract, granted by the U.S. General Services Administration to WeWork and four other contractors, is for $10 million yearly and a term of five years. The Covid-19 pandemic has marked a shift away from a conventional stand-alone workplace and towards a more hybrid work model where employees have flexible options to work from offices, co-working spaces, public places and home. The fast-spreading Delta variant of the coronavirus and the following tightening of restrictions in some areas have increased concerns for office space providers since businesses opt for shorter leases and many employees continue to work remotely. Earlier this month, WeWork recorded a drop in second-quarter earnings from the previous three months since the Delta variant stoked a slower-than-expected recovery for the first half of the year. Various U.S. federal firms last month mandated masks at government buildings in Covid-19 hot spots in line with guidance issued by the White House. WeWork in March agreed to go public through a merger with BowX Acquisition Corp, a special purpose acquisition firm, in a contract that valued it at $9 billion. Image Source Also read: Colive transforms co-living properties into hybrid accommodations