Not at all. We is a player in major markets that are populated by professional landlords that have been in this business for much longer than the founder of WeWorks has been alive and have seen it all before, dressed in different clothes. At the end of the day, the class A/B/C buildings as well as the lots they sit on and the air rights above them are real appreciating assets, while the tenants are just the revenue stream for opex.
For instance if WeWork goes down, there are still tenants that might want to stay in the building. That's a sensible place to start.
Alternatively though, WeWork is an easy way for companies to reduce their expenses during a recession.
And more layoffs mean more people trying to be freelancers, and doing things on their own, which creates a greater need for coworking spaces.
“Substantially all of our leases with our landlords are for terms that are significantly longer than the terms of our membership agreements with our members. The average length of the initial term of our U.S. leases is approximately 15 years, and our future undiscounted minimum lease cost payment obligations under signed operating and finance leases was $47.2 billion as of June 30, 2019.”