this post was submitted on 19 Aug 2023
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Not exactly sure why WeWork is in such trouble. It's a growing and attractive industry after the pandemic, and several competitors are doing very well in the current market.
They are overpriced, and have no real value except in very niece situations. This video explained it pretty well I think: https://youtu.be/IiO9eSd_v4E?si=8jh404sxNtFqLhIk
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Thank you very much.
I agree with you and I've given this a lot of thought over the last year or so. I think the problem is that the need for shared/rental office space isn't in the big cities where WeWork has its locations, it's closer to the suburbs where the people that WFH live. The folks that WFH who either don't have adequate space in their home or prefer to go to an office to work would consider a rental office space but don't want to have to commute into a major metro area to work. The office space would need to be closer to where these people live and offer a shorter commute than going into your company's office.
In my area I see a lot of vacant commercial space in areas like strip malls or "main streets" that would make great co-working spaces. These are likely cheaper to lease and are closer to where people live making the commute manageable. As an added bonus it could have a positive effect on the local economy (coffee shops, lunch spots, etc.).
People in suburbs often do have the room for a home office though. And if you prefer to go to an office, it’s probably to work with your coworkers. No chance they want to drive to your suburb.
The people in the city that live in a 1-2 BR apartment definitely don’t have room for home offices.
The real problem for wework is it’s an insanely easy model for LLs to copy and disintermediate them. If it were worthwhile business.
It’s much too expensive at any scale - and subscale, well, people outgrow it.
I don’t know the company’s finances, but my guess is the concept can be successful, but WeWork may have taken on too much debt or over-extended itself in its rapid growth period.
A company that is expanding more strategically and with an eye on the bottom line might end up doing fine.
Competitors such as?
For example IWG and Industrious.
Very interesting. Thanks!