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I was at a WeWork in Philly two weeks ago and I was sitting on a couch when a rep met with a prospective tenant and was told that they were totally booked up at
by CPLX 3y ago
I was at a WeWork in Philly two weeks ago and I was sitting on a couch when a rep met with a prospective tenant and was told that they were totally booked up at that location for offices. Later that day I was at another WeWork in Philly that was packed in all common areas.
There are some that are always a little sparse to be sure, like the Navy Yard in Brooklyn, but I’ve been to 75+ in the past year or so in 5 different countries and for the most part they are well used and the permanent office parts are really full.
Not saying it’s financially sound but the core product is real.
If I had to guess I would assume the issue is spending from boom times and debt. Theres an actual business there too.
- paulcole 3y agoBoth the Philly locations are on the new cheaper tier of their All Access plan. It basically cut the cost by 50% for a lot of users. The Portland location I go to has been packed as a result.
- cgeier 3y agoSame here in Hamburg, Germany. Most offices are rented, it was hard to an office of the size we wanted, there was exactly one available in four locations. Even their EBITDA is negative, so debt is not the (only) issue. Perhaps they have locked themselves into long-term overpriced rental agreements?