WeWork's starry valuation dazzles landlords
WEWORK'S US$47 billion valuation as it heads toward what may be the year's largest initial public offering after ride-hailing firm Uber has made the flexible office space start-up the envy of landlords and the target of sceptics at a time when rents have barely kept pace with inflation. To commercial real estate's old guard, many of whose stock prices have gone sideways or worse for half a decade, WeWork - the main unit of recently renamed The We Company - is a disruptor leading the charge toward the shrinking of workspace with a business model unhindered by property ownership. To its doubters, WeWork is another unprofitable unicorn they question has the ability to flourish in anything other than a hot economy.
Tags : INTERNATIONAL