The Influence of Co-working on Real Estate Values

🏢 As an early investor in WeWork, I understood the power of community and connectivity in the tech industry.

🌇 WeWork took a building in lower Manhattan after sandy and rented it as their first New York City location.

🗽 Despite the noise surrounding WeWork and co-working, it only makes up about 1% of the entire New York City market.

🏢 The co-working sector makes up about 3% of the total real estate market.

🌍 Despite concerns about the real estate market, co-working spaces have had a positive impact on real estate values.

💼 Co-working is an important and sustainable component of our city and country's ecosystem.

💼 The question for landlords is whether to lower rent for struggling tenants or find a service provider like WeWork.

🏢 Most WeWork spaces are well occupied with high occupancy rates.

💡 Consider hiring a service provider to manage empty space.

💡 Co-working is a concept where people work together in shared spaces.

🏢 WeWork's business model involves taking long-term leases and offering short-term leases to individuals and companies.

🔑 Flexibility and convenience are driving the demand for co-working spaces.

🏢 Landlords are adapting to the evolving needs of tenants in the co-working space by offering a range of choices, including long-term leases and flexible short-term space.

🌍 Around the world, buildings are transforming their business models to include amenities like co-working spaces alongside traditional long-term leases, reflecting a shift in how people approach work.

💼 Companies are now focused on attracting and retaining employees by providing fully amenitized buildings with features such as food, wellness facilities, conference centers, and outdoor spaces.

🏢 WeWork's business model raised office rents in various locations.

📈 Supply and demand factors have influenced New York City real estate prices.

💼 Companies now have more options for office space in different areas.