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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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.
It's complicated. Possible they were running the individual locations like idiots i.e. too much free beer. The cheap non-wework I worked at that continues to this day was very lean on location. No common rooms, 1 permamnet staff member for a building with 5 floors.
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Yeah. Another thing i noticed at cheaper ones is that initially they lure in the customers with common rooms then later they turn them into offices and rent them out.
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