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This is good news for Meetup. Wework is as good as gone now, let's lay aside how troubled they were before Coronavirus, now they're sitting on a tonne of long t
by Traster 7y ago
This is good news for Meetup. Wework is as good as gone now, let's lay aside how troubled they were before Coronavirus, now they're sitting on a tonne of long term leases, with all their tenants on short term leases and guess what? Coworking spaces are right there with Cruises and airlines in how well they work when everyone's under lockdown. Huge fixed costs. They're going to have to eat months of expensive leases and there's going to be 0 demand. I wonder if there are other parts of Wework the're looking hive off.
- dsl 7y agoThese days short term rental desks are a much smaller part of WeWork's business. Between enterprise business (about 1/3 of the Fortune 500 lease entire floors or buildings from WeWork) and SMBs on yearly contracts, they will be fine. If everyone just stops paying rent to landlords, WeWork can do that too. The ones left holding the bag are the property owners - so being on long term leases is probably the best position for them. After the IPO fiasco they did a pretty good job of bringing in actual adults to run the business.