Real EstateUS

Knotel Layoffs

March 2020

Knotel announced a layoff affecting 127 employees (30% of its workforce) in March 2020. The company operates in the Real Estate sector.

People Affected

127

Percentage

30%

Announced Date

Mar 27, 2020

About

Flexible workspace provider Knotel has laid off or furloughed half of its 400 global employees as it restructures to endure the coronavirus pandemic's severe economic impact. On March 27, 2020, the company cut 30% of its staff (127 employees) and furloughed an additional 20% (68 employees), with the reductions evenly spread across all 17 markets, including major hubs like New York and London. CEO Amol Sarva cited the crisis as a fundamental shift, noting that over 80% of clients had shifted to remote work, prompting Knotel to pivot its 5 million square feet of leased space for potential government emergency use. This move followed an earlier round of layoffs in January, reflecting the profound challenges facing the commercial real estate and flexible office industry during the outbreak.