Having a founder like Adam Neumann, who partied hard, had poor judgment and bad spending, WeWork was doomed for failure. However, a move to change the CEO just before the pandemic made a big difference in the company’s path. With the onset of the pandemic and being forced to work from home, WeWork, a company that relies on ready-to-use office spaces, found a way to cut on the expenses and come up with a way of remaining afloat. The company has also added up some revenue lines that are making sense.
WeWork’s upheaval meant that the company was already forced to be agile in order to avoid destruction before the pandemic. But the company’s perseverance is also a testament to the strength of the flexible office market, a real estate sector that focuses on short leases and move-in-ready space, in addition to coworking. Indeed, so-called flexible office space has proved surprisingly hardy during the pandemic, given that its business had been predicated, in part, on the idea of squeezing as many people into as little square footage as possible.From Recode