I'm a little suprised they're still around tbh. Their competitor in New York, Knotel, straight up went bankrupt and got sold for parts. They must've had a lot more cash to endure this.
Selling short term leases on your own long term leases can probably work in places with expensive office space, but covid in NYC just completely annihilated this. The market rate for their office space now has got to be less than what they owe on their lease.
It's probably been great for the businesses who only had short term leases through them when WFH started though.
https://techcrunch.com/2021/02/05/a-look-at-how-proptech-sta...
Selling short term leases on your own long term leases can probably work in places with expensive office space, but covid in NYC just completely annihilated this. The market rate for their office space now has got to be less than what they owe on their lease.
It's probably been great for the businesses who only had short term leases through them when WFH started though.