WeWork is attempting to renegotiate all of its leases for commercial office space, according to the company. It's also worrying sign of deep trouble in commercial real estate as debts near maturity amid sagging property values. The move is a sign of the company's ongoing distress, as it navigates the aftermath of a period of unsustainable growth, but it is also a warning sign for the broader commercial real estate industry. Those "current market conditions" refer to a commercial real estate market that is under increasing pressure from higher interest rates, lingering work-from-home trends, and declining commercial real estate values. AdvertisementAdvertisementA recent report from Newmark Group suggests about $1.2 trillion in commercial real estate debt is "potentially troubled" and at risk of defaulting.

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Persons: WeWork, It's, David Tolley, Tolley, Goldman Sachs, Newmark, Newmark David Bitner Organizations: Service, Newmark Group, Los Angeles Times Locations: Wall, Silicon