The fallout from WeWork Cos.’ failed IPO and subsequent valuation write-down reflects a potential contagion in the co-working arena that has not been contained to this one firm. As reported last week from various new sources, Knotel, one of WeWork’s main rivals, is also finding difficulty as well, announcing layoffs in New York City, and a couple of other smaller players such as Breather and Industrious are showing strains of what may already be an over-inflated and saturated market.
The co-working idea is not new and has been around for decades with major and minor firms filling this void. The difference with this newest incarnation is that the concept has been touted more as a “service,” “experience” and “amenity” supported by powerful proprietary technology that enhances the user experience for any tenant, large and sm