First, they lure you in with free coffee and bottomless wifi.
Working in a Wework is a lot like officing out of a Starbucks. In fact, there is no discernible difference that I can think of. There’s a large population of temporary inhabitants, a few funkily decorated yet disgusting bathrooms, and a massively unacknowledged security problem. In the case of Starbucks, the security problem is your laptop being absconded while using the bathroom. At Wework, the wifi password is literally password, there is NO security. Most “technology” companies would be deeply ashamed and instantly discredited by such an oversight, but Wework is NOT a tech company. Wework is a coffee shop with a subscription model.
It’s not surprising to see Wework’s valuation tank before its IPO. Look at any other commercial real estate company, there are dozens with more physical assets than Wework, and virtually none with a $50b valuation. I know, “Wework is a technology company”, and I can tell you first hand that their “technology” is a keycard. This card enables you to enter the building, and a sister application helps book meeting rooms. So they have the same groundbreaking technology as a community yoga studio. Thrilling!
Wework puts up signs all over the building to remind you that Wework is “a platform for creators”. Just as they loosely defined themselves as a tech company, Wework is equally stretching with the word “platform”. Looking to create something inside Wework? You might as well do it outside on the street. There is not a shred of privacy to be had. The meeting room walls are paper thin, and any weirdo can see into your meeting and your ideas all over the whiteboard. Creating anything other than a spreadsheet? You are out of luck! There isn’t a room in the building suitable for filming or recording audio.
Wework’s cleaning staff is given a key to your space, and while it is nice to come in every morning to clean windows, it is less nice to show up on Monday to find your suite completely unlocked with tens of thousands of dollars of equipment left for anyone to walk in and take. I don’t actually want to disparage the cleaning staff though, they are honestly the hardest working people in the entire building.
So if you are in the market for a noisy office with no privacy or space to make anything that you could not just as easily make on your couch at home, boy I have got just the place for you.
UPDATE: Here’s a real email they sent about how WeWork furniture is literally toxic:
Hi Brian,
We have an important update to share regarding phone booths at your WeWork location:
We are taking a number of phone booths at your location out of service due to potentially elevated levels of formaldehyde caused by the manufacturer.
After a member informed us of odor and eye irritation, WeWork performed an analysis, including having an outside consultant conduct a series of tests on a sampling of phone booths. Upon receiving results late last week, we began to take all potentially impacted phone booths out of service.