> From reading the comments on this story, it sounds like there are already (profitable) competitors like Spaces that are easily copying the WeWork office forma

> From reading the comments on this story, it sounds like there are already (profitable) competitors like Spaces that are easily copying the WeWork office format. If this is the case, it doesn’t sound like WeWork has much of a moat. Maybe in the long term (10+ years) you're right, but today, the vast majority of offices were designed over a decade ago, and have not kept up with modern trends. WeWork, and their competitors, have a huge amount of headroom to grow. I doubt the WeWork copy-cats really concern WeWork, their real challenge is to convince companies in more traditional offices that moving to newer workspace culture and design is worthwhile and necessary to stay competitive. If they are successful here, WeWork (and their competitors) can get vastly larger than they are today. Over the long term, as this industry matures, WeWork can buy out much of their competition and the industry will consolidate.