I watched the WeWork documentary last night. The best part was Ashton Kutcher trying to hype up the valuation. What a clown.
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So we are a WeWork client in some markets/locations and it is (was?) a helpful service for some use cases.
During the pandemic we cut our contracts to zero and we are unsure whether we will ever go back. The documentary was interesting though.
The principle of the business is valid, in my opinion, because they truly are different to a Regus or other co-working spaces. Their branding efforts are better, the quality of their food and other events is better, and the general image they portray is better. Our younger employees loved working from a WeWork location and it was one of the reasons they even wanted the job.
But valuation, outlook, pandemic response, etc... is just bad. Not sure how long they will make it.
That's insightful. I can see where a communal place like that would be fun to work at. I just think I would want a break from it at some point. They showed a clip of the guy playing the flute/something at his work station, that would be it for me. I'd have to find a new spot.
The idea that it would bleed into every aspect of life was just too much for me, too. I'm a bit of a skeptic, I don't think I could stand being around someone like Adam Neumann or his wife.
I think the flute was just for dramatic effects, I have been to more than 30 WeWork locations and I have never seen live music or a pianist or anything.
Positive about WeWork:
- really nice locations, best locations in a city, high end quality of offices, work spaces, just modern, fresh and welcoming.
- staff are incredibly nice, friendly, professional, welcoming, and very, very accommodating. any request you have, they will help you.
- excellent concept of a communal space combined with professional/quiet spaces. you have the segregated client floors where the tenants are, and the communal spaces to meet clients, startups, and to portray a different kind of leadership. I have met more startups, investors and VC partners at a WeWork than anywhere else. and the atmosphere is amazing.
- I found the people who hang out at a WeWork to be young, very attractive, very much on point when it comes to style, marketing knowledge and/or culture. It is a good way to lure people in. Can be your own staff or clients. It is a party atmosphere for work and younger clients or startups love this.
- If you have highly confidential workplaces, WeWork is ideal to have an interview, off-site meeting, activities and events. Much better than booking other spaces.
the negative:
- I think it is too expensive for what they offer. I get that free food and events are fun, but after a while you are paying too much for branding and a concept that could be ripped off by others and done cheaper.
- Older colleagues or clients (40+?) might be a little bit offended because WeWork is heavily skewed towards a younger crowd. So not always good for banking, but might be much better for VCs, PE units, dev units, marketing teams, etc.
- the pandemic didn't help this business model at all. sharing a kitchen, work spaces and areas with a lot of other people... doesn't work until everybody is vaccinated or the virus is otherwise killed off.
The documentary was 100% on point, it really matches the people and culture I came across at WeWork. Everybody is young, everybody is attractive, everybody is single and everyone sleeps around.
I believe that, after the pandemic, something like a WeWork is the future of the workplace. WFH will be a fixed part of many companies, large office buildings may disappear, and you would need flexible, communal spaces to meet up at, work with clients or startups. And something like a WeWork might fit the bill in the city, and even outside of it.
I used to work at one of the big national brokerages, and one time WeWork came in to present to us and basically told us that they wanted to directly compete with us on multiple business fronts and asked if we could help them by giving our clients contact info.
Did y'all tell them to kiss you where you shit?
Yeah we ceased all work with them shortly after.
Where can I find the documentary?
It was on Hulu.
https://www.imdb.com/title/tt11188154/
I thoroughly enjoyed the doc. But holy crap it's truly incredible how that all played out. What a ride.
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