The WeWork core business model is not just "renting real estate". It's paying for long-term leases and then subleasing on short-term ones. The business model was always bad because office space is sensitive to the economic cycle and boom-bust cycles in office building. The closest it gets to working is a company like Regus, who services the fringes of the market, like companies that aren't big enough to get a regular lease, but they provide a bunch of add-on services.