Eric Anderson Quoted in the Atlanta Journal-Constitution Regarding Financial Pressure on the Local Commercial Real Estate Market
May 22, 2023
Bankruptcy Partner Eric Anderson is quoted in the Atlanta Journal-Constitution’s article “WeWork’s bankruptcy will affect Atlanta’s shared workplaces,” published on November 8, 2023.
The article reviews the challenges the local shared workplace market is facing and WeWork’s recent filing for Chapter 11 bankruptcy. The company plans to close at least two Atlanta offices and other unprofitable locations across the U.S. and Canada.
Under Chapter 11 bankruptcy, WeWork can reject leases that it considers too costly. Eric indicates that landlords are unlikely to be surprised by lease rejections due to the long-term volatility of the company. These landlords will be forced to recover some fraction of owed rent through the courts and face increased competition in securing a tenant for their office space in these challenging times for office landlords.
To read the full article, please click here (subscription required).