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Sorry, what's your evidence that the bulk of WeWork's leases were with Neumann? My understanding is that they were leasing from many building owners, something
by wpietri 4y ago
Sorry, what's your evidence that the bulk of WeWork's leases were with Neumann? My understanding is that they were leasing from many building owners, something the article supports.
- 0cf8612b2e1e 4y agoI never said it was the majority? It was just an example of grift. The only correct number of buildings a company should be leasing from the CEO is zero. In a similar vein, the company should not be leasing the We branding from the CEO. WeWork was not operated in a way to succeed. I am only taking issue with the notion that the core business model (renting real estate) is flawed. Had there been a willingness for modest, organic expansion and not jet-fueled-VC-hypergrowth, the company could have succeeded.
- wpietri 4y agoThe WeWork core business model is not just "renting real estate". It's paying for long-term leases and then subleasing on short-term ones. The business model was always bad because office space is sensitive to the economic cycle and boom-bust cycles in office building. The closest it gets to working is a company like Regus, who services the fringes of the market, like companies that aren't big enough to get a regular lease, but they provide a bunch of add-on services.