WeWork with free coffee shop, sofas and glass walls shook shook the office culture and the real estate market. Ignoring questions about their business model, the New York-based company does not plan to stand.
In search of fresh money and the group's IPO, according to The Wall Street Journal, still looking at the beginning of July to take up to $ 4 billion, to mention a few large degree in the world. "Coworking"general offices.
If it was set in New York, the choice was quickly made for the French startup CybelAngel, which moved several times in WeWork network with the expansion. The current office – a corner room with basic furniture, which stands next to a small meeting room with a view of the mythical 5th Avenue.
"It's not cheaper" Traditional professional space "But you do not have to pledge three years"– says Zhosilin Attal, chief operating officer CybelAngel in New York.
"Privacy, hospitality, respect for the standards of cleaning, we do not worry about anything"it lists.
On Monday morning, breakfast and free evening potions on Thursday – a welcoming bonus.
Deco for millennia
If the Company & # 39 will be in 2010, the concept of "Coworking" is not new. But it just grew in favor of new technologies that allow you to work from anywhere, and the financial crisis, which has forced many graduates of finance or construct set their company.
"WeWork was the first to really answer the requirements of small businesses"– says Alexei Cohen, the commercial real estate market Compass specialist in New York.
In the room, all the leaders concerned from an Internet connection to the printer via the household. And the decor, a mix of bright colors, industrial design and ethnic fabrics, attracts millennium.
Major companies such as Microsoft, HSBC and Facebook, and let yourself be seduced. At present, companies with more than 500 employees account for 40% of the members WeWork.
Officially renamed We Company in January, the group currently operates 485 sites in 28 countries. Often, entire floors that modulates between private offices, common areas and individual cabins, landscaping and sublease.
"A square meter is much higher than traditional office"– says Alex Cohen. "But we must think about the people: we are in office at 4 or 5, but we also have access to a conference room, common areas, kitchens".
the reluctance of owners
The growth society is not always perceived by kind eyes.
"Owners have a reluctance to rent WeWork, because they rent themselves in a relatively short period of time"Cohen says. In the case of a recession, the offices will be empty.
Market players remember accidents Regus, today giant jobs and "Coworking" It called IWG, but it almost came to work after the dotcom bubble burst in 2001.
And there remains the question of the business model WeWork.
According to the latest estimates, it is estimated at 47 billion dollars, and is still losing money plentifully: loss of $ 1.9 billion in 2018 for a turnover of 1.8 billion dollars.
In 2018 IWG turnover almost twice as high as it is profitable and valued in the stock market … the $ 4 billion.
It is known that WeWork company that has invested in other sectors, such as renting apartments and Education "Creative accounting"– says Alex Cohen.
And financial maneuvers his manager Adam Neiman sometimes found as if he personally invests in real estate, and then leases from WeWork.
Rest – says Alex Cohen "The demand for commercial real estate in cities such as New York, was entirely due to the cooperation in the past five years" and owners "Forced WeWork viewed as an opportunity".