For companies looking for flexible office space in Manhattan, WeWork just seems to work. The coworking company now officially occupies the most space in Manhattan, The Wall Street Journal reports, surpassing JPMorgan Chase for the record. WeWork now rents 5.3 million square feet throughout the borough, edging out JPMorgan Chase's occupation of 5.2 million square feet — a development that reveals how flexible leases are undermining traditional real estate. Because WeWork rents out large office blocks and divides them up among tenants, it can offer smaller spaces and shorter leases than a normal landlord.
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