I don't think WeWork is anything special, but your argument is obvious and has been addressed: WeWork packages each lease in a separate legal entity so they're

I don't think WeWork is anything special, but your argument is obvious and has been addressed: WeWork packages each lease in a separate legal entity so they're not that exposed to swings in individual markets. They also argue (maybe correctly) that in a recession they'd actually do better because companies would become wary of taking on long-term liabilities and prefer the flexibility of short-term leases.