The WeWork saga continues as the co-founder and CEO, Adam Neumann, stepped down yesterday amid a torrent of corporate and personal scandal in the wake of the firm’s postponed IPO; which Scott Galloway described as ‘flinging feces at retail investors visiting the unicorn zoo’! This may just be another story of an over-indulgent startup with cult-like deference to leadership; but the sheer scale that WeWork managed to grow to means its future has implications for the proptech industry, co-working, and commercial real estate markets in numerous major cities. In the startup-friendly city of London, for example, WeWork owns or leases more real estate than anyone except the UK government. Its 528 facilities around the world represent prime real estate concentrated in major economic hubs. While the company is not expected to disappear overnight, some form of reorganisation (corporate speak for downsizing) is now inevitable, which has the potential to shake up leading commercial real estate […]
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