There is somewhat of a network effect for business travelers. If you are WeWork member, I assume you can grab a desk in any of their buildings around the world. That is much better than needing to sign up for multiple co-working services, and it beats always working out of a hotel business center.

I am not saying WeWork can justify their valuation, but they (and some others) are fundamentally changing portions of the real estate market. They are putting more people per square foot into offices and are getting people to pay a premium for perks and flexible leases. Getting people to pay more for less space is a big deal (if it continues to work...) This is a totally different model than what traditional real estate players have done. Hence why a lot of commercial real estate players are scared and trying to catch up.