Latch and WeWork Partner to Provide Apartment Residents in NYC with Access to Flexible Workspace

Rhea-AI Summary

Latch, Inc. (NASDAQ: LTCH) has partnered with WeWork (NYSE: WE) to provide residents in Latch-enabled multifamily buildings in New York City with WeWork All Access memberships. This initiative addresses the increasing demand for flexible workspaces and reflects a trend of hybrid work preferences among residents, with 70% expecting to continue teleworking post-pandemic. The program aims to expand beyond NYC and enhance Latch's offerings while improving property differentiation for multifamily owners.

Positive

• Partnership with WeWork enhances Latch's service offerings, facilitating flexible workspace solutions.
• Addresses the growing demand for hybrid work environments, aligning with current market trends.
• Potential for expansion of the program to other metro areas and nationwide, increasing market reach.

Negative

• None.

First-of-its-kind partnership for these brands solves for hybrid work needs with access to WeWork spaces close to home

NEW YORK, Sept. 13, 2022 (GLOBE NEWSWIRE) -- Latch, Inc. (NASDAQ: LTCH), maker of LatchOS, the full-building enterprise software-as-a-service (SaaS) platform, today announced that it is collaborating with a leading global flexible space provider, WeWork (NYSE: WE) to provide residents of Latch-enabled multifamily buildings in New York City with WeWork All Access memberships. Through this collaboration, Latch residents will be able to opt-in to WeWork All Access, unlocking access to WeWork’s global portfolio of flexible office space.

The partnership between WeWork and Latch is the first of its kind for these brands, and reflects the growing demand from workers residing in apartments to have access to a third workspace between the home and office.

The program will be available at select apartment buildings in New York City, with plans to expand throughout the metro area and, eventually, nationwide.

“Residents want more flexible relationships with their physical spaces that meet their ever-changing needs and improve their lives. At Latch, we’re focused on creating new experiences that provide this flexibility in innovative ways,” said Luke Schoenfelder, Latch Co-Founder, CEO, and Chairman of the Board of Directors. “We’re thrilled to partner with WeWork to help expand the way people think about their space as it relates to work, and enable multifamily building owners to better differentiate their properties to attract renters.”

According to the National Multifamily Housing Council (NMHC) and Grace Hill 2022 Renter Preferences Survey Report, the pandemic influenced 25% of renter moves over the past 18 months, with 70% of renters anticipating teleworking the same amount or more going forward. In New York, 92% of Manhattan office workers are either hybrid or fully remote.   

“At WeWork, we are continuously looking to innovate on the ways we can support and enhance a new world of work through greater flexibility,” said Rebecca Graf, Head of Ancillary Revenue at WeWork. “Through the rapid adoption of WeWork All Access, we have seen the majority of users leveraging the product to break up their workweek and remain productive in a hybrid world. We’re excited to support NYC-based Latch residents as they strive to strike the right balance between working from home, their offices, and a third place like WeWork.”

Latch residents currently engage with the Latch app 4.6 times per day to unlock their spaces, access building amenities, control smart home devices, schedule deliveries and more — making it a useful touchpoint for integrating other living features, including office space management. This partnership also offers a glimpse into the upcoming next generation of LatchOS, LatchOS2. Through expanded functionality and new third-party partnerships, LatchOS2 will unlock new spaces, services, experience and amenities that matter most to today’s residents.

Since launching its subscription-based model in August 2020, WeWork All Access has experienced record growth, most recently reaching a total of 62,000 members as of June 30, 2022.

To learn more about this partnership and gain access to Latch WorkSpace, visit here: www.latch.com/wework

About Latch, Inc.
Latch makes spaces better places to live, work, and visit through a system of software, devices, and services. More than one in ten new apartments in the U.S. are currently being built with Latch products, serving customers in more than 44 states through its flagship full-building operating system, LatchOS. For more information, please visit https://www.latch.com.‍

About WeWork
WeWork Inc. (NYSE: WE) was founded in 2010 with the vision to create environments where people and companies come together and do their best work. Since then, we’ve become a leading global flexible space providers committed to delivering technology-driven turnkey solutions, flexible spaces, and community experiences. For more information about WeWork, please visit us at wework.com.

Contact
press@latch.com

 

FAQ

What is the recent partnership announced by Latch (LTCH)?

Latch announced a partnership with WeWork to provide residents of Latch-enabled multifamily buildings in New York with WeWork All Access memberships.

How does the partnership with WeWork benefit Latch residents?

It offers residents access to flexible workspace options that cater to hybrid work lifestyles.

Where will the WeWork All Access memberships be available?

The memberships will be available at select apartment buildings in New York City, with plans to expand.

What percentage of renters anticipate teleworking more in the future according to the PR?

70% of renters expect to telework the same amount or more going forward.

What is LatchOS, and how does it relate to the new partnership?

LatchOS is Latch's software platform, which will integrate features from the partnership to enhance resident experiences.