It was poorly allocated capital. Akin to building an expensive bridge to nowhere. Sometimes there are silver linings to those situations - eg dark fibre after t

It was poorly allocated capital. Akin to building an expensive bridge to nowhere. Sometimes there are silver linings to those situations - eg dark fibre after the dot com crash. Here there will be discounted coworking space. Regardless, failure in the market demonstrates that there are better things the effort could have gone to as far as we know at this moment. Therefore it's justified to say that value was lost.