Is WeWork in trouble because they're not charging their customers enough/they paid too much to rent or are they in trouble because they blow way too much money on back-office SGA? I ask because they seem to charge a lot and have mostly full buildings.
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It has to be back office. There are much cheaper coworking options out there. Even if those barely stay afloat/making slight losses WeWork is making huge losses while charging more than competition.
Is it possible that every cheaper alternative is either vertically integrated (co-working space owns company) or vc-money subsidized? I was in a cheaper than WeWork co-working space...and then it ran out of money and closed.
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I guess it's possible. E.g. the one i used to work in was a real estate company renting out empty desks.
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So maybe it's not just the back office. But if you're right then again you can't really afford to have overhead. So it's either back office only or both.
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