It's anecdotal but I've been in half a dozen WeWork properties in the last 2 months and I've yet to see one more than 50% occupied. There were a couple buildings in Seattle that seemed almost empty.

Despite all their shortcomings (and I have ranted about them on here a lot in the past), the seem to have close to a 100% occupancy in Berlin. It does often look like they are less occupied though (partial empty offices) because the claim of "you can easily move to a bigger office" isn't true and companies rent offices that are bigger than they need them to be.

But what occupancy % is needed to do well? Considering you could easily pay rent with a 50% time occupancy AirBnB, maybe it's similar to WeWork.

People are using their offices on large discounts