WeWork’s unsuccessful IPO attempt has generated a lot of media attention over the last two months. In Forbes, we ran a comparison of the disclosed related party transactions versus recent high profile IPOs.
there's a volatility issue that's associated with the business.
. They have an obligation to you as a landlord -- sorry, David, they have an obligation to you as a landlord that's longer than their customers have to them. And . They're going to say to the other landlords,"I can't pay your rent because I have no one paying me rent." And the landlord is, if history is any guide, going to say,"Well, I don't have anyone else for that space, so do what you can and we'll share.", that's for sure. What's it -- the root if it is, is that businesses want, at least at the margin when times are good and they're taking incremental space, they want flexibility.
Shared office operators are meeting marginal demand, and their customers are paying a premium for flexibility. When the cycle turns, likely they will return that supply to the market.while also competing for high-quality tenants by operating upgraded building amenities...
we're not WeWork or The We Company or Uber, meaning we're never going to put $1 billion into something because we think we can possibly turn profitableou can expect from us is a relentless focus on cash generationshowed overt skepticism about their relationship with WeWork: “
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