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So that begs the questions, if not asset-liability mismatch, why does wework not make money and why has regus gone busto multiple times? It’s because 1. They are Discretionary 2. They have in-built competition 1 means they are non-essential. They are a luxury.
Just like eating out, going to a restaurant. These expenditures are first to be cut in economic hardship. Compare that to a 3 year office lease or a 1 year multi family rental. It’s easier to lay off employees than break the lease. And you need a place to live!
2. Like restaurants, another notoriously competitive space, wework not only competes with spaces and regus. They must compete with starbucks and you working from home! It’s a naturally more competitive offering, just like restos compete with TV dinners and you making food at home
I worked with we work previously on a project. Very impressive environment and they do have their value proposition.
Especially since the perks are really visible (by design!) and could make some people uncomfortable while tough choices are being made. Sometimes the optics of superfluous luxury can be a bad thing at just the wrong time. Providing those makes the business even more pro-cyclical.
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