Before the pandemic, commerical real estate was seen as a very low risk store of wealth. At the time of the construction of WeWork's business model, actually b

Before the pandemic, commerical real estate was seen as a very low risk store of wealth. At the time of the construction of WeWork's business model, actually being on the deeds would have been seen as reducing the risk profile (by not being beholden to variability/increases of renting). At the time, private capital would have seen being on the deed as a low risk benefit to the business plan. Obviously how we think about commercial real estate, particularly 'downtown' office space has changed heavily, and it seems like wework for whatever reason was unable to pivot. It's arguably very difficult to move the direction of that much capital on w you've made the opposite argument and are already holding the bag.