Which makes sense. Startups don't like signing 5-year lease agreements, so renting individual offices with all infrastructure taken care off is very attractive,

Which makes sense. Startups don't like signing 5-year lease agreements, so renting individual offices with all infrastructure taken care off is very attractive, and there are lots of companies offering that. But WeWork tried to sell a very specific brand of that, notably open-plan workspace with great interior design. Which is the opposite of "cheap office space where people can get stuff done", putting them in a tough spot when money isn't plentiful for startups. And it didn't help that was run like a Silicon Valley startup, but in a business where there are very little efficiencies of scale. Just about anyone can start a viable local competitor, allowing the market to adapt far quicker than any one company can.