Ask HN: What’s Happening with WeWork?
28 comments
“ as a result of the Company’s losses and projected cash needs, combined with increased member churn and current liquidity levels, substantial doubt exists about the Company’s ability to continue as a going concern”
https://s23.q4cdn.com/100276410/files/doc_financials/2023/q2...
https://s23.q4cdn.com/100276410/files/doc_financials/2023/q2...
My understanding of we work issues is that they didn't have a problem with their office not being awesome, that had a problem with 1. covid and remote working effectively punching their business in the face, and 2. the board letting the ceo/founder being the owner of the real estate that we work then rented from him, and the rates of renting being what he wanted.
softbank woke up one day realizing instead of owning a ton of real estate, all they had was renting contract, and that's worth a lot less.
softbank woke up one day realizing instead of owning a ton of real estate, all they had was renting contract, and that's worth a lot less.
If they played it right, they could be cleaning up all the discounted commercial RE
You know it's discounted for a reason, right?
Are downtown offices dead forever?
Yeah, it is a catch 22
I don't know what the context is for this post, but I can tell you we rent space via Regis in Pleasanton, Naperville, Reston and Toronto because it was universally a better deal and easier to work with them than with WeWork. Just anecdata, but it is what it is.
Opposite in Australia.
Cheaper, nicer, more staff, better resourced at WeWork. However I think they’re definitely struggling with utilisation.
It’s always an empty gym. Which as someone who pays for the desk, I’m happy. But about 30-50% of the “occupied” offices and desks never have people in them, and the hot dealing area is always at about 20-30% capacity.
I don’t see the viability.
Cheaper, nicer, more staff, better resourced at WeWork. However I think they’re definitely struggling with utilisation.
It’s always an empty gym. Which as someone who pays for the desk, I’m happy. But about 30-50% of the “occupied” offices and desks never have people in them, and the hot dealing area is always at about 20-30% capacity.
I don’t see the viability.
The WeWork Tokyo offices remain pretty well utilized. The vibe hasn't changed much the last 3 years. The stuffy corporate buildings are still stuffy and corporate, and the trendy younger spots are still trendy and young. Really just depends on which WeWork you go to. But that's how it always was.
Also, my suspicion is that WeWork Japan will remain mostly unchanged, if only because Softbank won't let it die on home turf.
Also, my suspicion is that WeWork Japan will remain mostly unchanged, if only because Softbank won't let it die on home turf.
WeWork recently cut the subscription cost for many buildings by 50%. It’s more than doubled the average daily occupancy and probably tripled it for the building in Portland I go to everyday. In a way it’s frustrating because I’ve been going there since 2021 when the daily attendance was in the low single digits.
It feels packed between 9AM and 2PM and it’s a struggle to find an empty phone booth.
Now I pay $150 for a monthly subscription now and it’s an insane value. I really hope they stay in business because a decent coworking space is basically the only thing keeping me in my remote job. If I can’t find a comparable coworking space when WeWork folds then I’ll be back on the market for an in-office only job.
It feels packed between 9AM and 2PM and it’s a struggle to find an empty phone booth.
Now I pay $150 for a monthly subscription now and it’s an insane value. I really hope they stay in business because a decent coworking space is basically the only thing keeping me in my remote job. If I can’t find a comparable coworking space when WeWork folds then I’ll be back on the market for an in-office only job.
I go to the one in San Mateo and nothing has changed. We did have a kid in the common area yesterday so either interns are getting younger or WW is turning into a daycare to stay profitable.
Would definitely be a humoros pivot
India WeWork offices are a delight. Not as packed, but gets pretty good footfall. And about 70% of the year, the rent-a-seat space is packed in a whole bunch of them. In fact, I won't be surprised if the India-side of operations is doing really well; owing to their partnership with a local operator. Some large companies (1000+) also avail WeWork's services here.
Employer rents a space or two from WW in SF.
We go there once or twice a week, sometimes more.
Atmosphere is very lively on Tue and Thur.
They try, offering happy hours and other fun activities.
Their front desk is very attentive, friendly, and fast to help.
Some other things can definitely improve but those may be out of their control.
My employer rents an office from wework.
The only change I've noticed is that they have reduced the number of coffee machines.
That said, I'm mostly remote these days. Maybe there's stuff that the daily office people notice has changed that I would never have noticed was there.
The only change I've noticed is that they have reduced the number of coffee machines.
That said, I'm mostly remote these days. Maybe there's stuff that the daily office people notice has changed that I would never have noticed was there.
I have used a variety of them in NYC, Rome, Amsterdam, and Warsaw. They were all pretty nice and the NYC ones in particular are huge. It'll be a shame if they can't keep the ones in Lower Manhattan open.
Yes we work from there, it's not bad. My company rents a small office for 6 and we get credits to use while traveling. (I worked from Seattle, Colombia & Chicago and they all feel pretty similar). Staff is nice they are pretty accommodating to your needs. Personally would not mind if more independent co-working spaces took over, but I'd also be sad to see staff there lose their jobs.
I use it occasionally when I need a space for a day (when not at home). They're convenient for the places that have them, and nice and empty.
I usually explore the building and have been surprised to see branded sections or even whole floors. Never seen people in those either, but it's not like I have a huge sample size.
I can't imagine how they cover their costs.
I usually explore the building and have been surprised to see branded sections or even whole floors. Never seen people in those either, but it's not like I have a huge sample size.
I can't imagine how they cover their costs.
My employer has a hot desk program with WeWork; No news about canceling yet. It's fairly regularly used, even for fly in on sites.
Good environment, good facilities, but very underutilized, like I'd say it's only 10% capacity.
Also I think mostly only softbank subsidiaries use it..
Also I think mostly only softbank subsidiaries use it..
We’re based in the UK and rent space from WeWork. Still a really good data startup vibe in London - no change noticeable.
no more metal cups, all got replaced by disposable plastic ones
Do you work from WeWork spaces?
What’s the atmosphere there?