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Property

When WeWork sneezes, New York real estate catches a cold

Cash squeeze from delayed IPO threatens to push down office rents

The New York skyline: WeWork, as the largest private-sector office tenant in Manhattan, is deeply embedded in the city's real estate supply-demand dynamics.   © Reuters

NEW YORK -- As WeWork shifts from rapid expansion to leaner growth, the slowdown in signings of new lease agreements could have broader implications for the New York real estate market, where the office-sharing startup is the biggest private-sector office tenant.

"It's clear WeWork has had a far more outsized impact on the market than people generally realized," Dan Alpert, a managing partner at New York-based investment bank Westwood Capital, told the Nikkei Asian Review.

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