When a webpage has a sentence like "a field of super-elliptic objects forms a learning landscape that's dense and rational - yet free and fluid" in order to describe what an indoor classroom is, that's when you know the people running the business are full of bull-crap trying to sell you something that's not sustainable.
Faux-intellectual word salad that means absolutely nothing. But really, how else are you going to dupe people into spending tens of thousands of dollars to send their kids to a WeWork elementary school?
As this video points out, WeWork has long term leases (10-15 years) in 450+ locations around the world, yet despite 80% tenancy it made almost a $2 billion LOSS in 2018, so if the economy worsens in 2020 it's at risk of losing tenants but still having to pay for mostly empty buildings.
I am also baffled by how well this analysis held up. Rewatching this after I listened to the WeCrashed podcast. Recommended if you are fascinated by this story!
They are because they are about providing a service to the general public. If people hate Medicaid and paying for services you don't use, it will seem communist to you. Why should your money be spent on a library for the poor who can't afford their own study room with a library?
@@sasukeuchiha998 I don't think you understand what communism is, providing government run services within a capitalist society isn't even close to being considered communist. lol Even Trump supporters understand that so wtf are you talking about?
This turned out to be incredibly accurate. As for SoftBank, it’s beginning to look like one massive pump and dump scheme almost. Investing at crazy valuations and cashing in after IPO.
I really hate the modern "we're all your big happy family" angle companies have especially when it comes to hiring. I come do tasks for you and you give me money in return. That should be the start and end of our relationship.
I think it's nice if a workplace feels like more than just work. However, sadly a lot of companies use this as an excuse to pay employees cheaply, and too many people let themselve be bullshitted with that approach.
Yeah it's interesting, companies can get loyalty by doing the whole family thing, but the downside is when they give pay cuts or fire people, people will feel betrayed and that will hurt their reputation and the company culture. On the flipside, if they choose not to do the family thing, they might not have as much loyalty but pay cuts and redundancies are understood as just business
In other words, WeWork attracts the same people that buy their coffee from starbucks every morning, wear ultra skinny clothing, and think they're entrepreneurs because they got a logo from fivver.
@@siddhantsharma7728 yeah, the people that use them have the mentality that they are fighting the big companies sort of how people thought by using Uber they were fighting taxi companies until you realize it's just worse service funded by the same big companies
Hi - I rent space in a wework, own a real estate firm and can tell you why it's valued so high: They lease dilapidated buildings (Class C) that will cost the landlords MILLIONS to upgrade to current code. The building I'm in took two years to finish construction. In return wework gets a sweetheart lease - which entails the worst case scenario as terms (ie during a recession). The building I'm in, I know the owner, and the building lease monthly worked out that if the 2017 (when it opened) office rents were only 68% occupied they'd be cutting even. Except wework, my building, is operating at 97% occupancy with 25% higher rents since 2017. In other words, they are stowing rainy day funds. The owners are smart individuals 2. Running a wework building is a pain in the ass. I know first hand - entrepreneurs are picky, always complaining, plus have a hefty staff to keep it running. Landlords do not know how to do this - hence the 'middleman' you speak of PS - 3:30 commercial leases have gradual increases yearly as taxes, etc go up - typically 1-2%
Its investors money. Maybe Soft Bank actually owns the buildings and using investor money to upgrade them. Just like they scheme investor into buying reits.
People who rent at WeWork are not picky. Trust me, I maintained 10+ wework spaces. As long as they have internet, electrics and climate control works more or less, no one bothers community managers.
I do not think WeWork understands millennials, instead it understands is Gen X and Baby Boomer's perceptions of millennials. It's current business is collecting VC money, with renting space being its product. So it looks how older investors think millennials think.
Wework, a company that seeks to serve freelancers who don't have to work at a miserable office by eliminating all of the benefits of not having to work at a miserable office by charging them money for miserable offices to work at. They can get the same for free at their local public library or for a very low price at a coffee shop. That or they can just work at home and make their dream work computer setup that an office would never allow.
it does not make sense to me but that might be just because i am not their targeted customer. isn't it much better to just work from home, more comfortable for sure.
Yeah. That way, others can be just as obnoxiously sneaky. Maybe he can get every TV and radio show to deceptively transition into its ads. Wouldn't that be great?!
Your transitions between ads and actual video content are so smooth, at times I only realized it when you were already way into the ad. Hats off to your script-writing skills.
Softbank's core business is cellphone service in Japan and the US (Sprint). Goes to show how much of a cash-cow the cell-phone business is (especially in those two countries).
Glad we acknowledged how old millennials actually are. I'm tired of people acting like millennials are still kids. Let's give Gen Z the attention we deserve
My professor talked during the lesson about (the students) being millenials. Except that the professor is actually the millenial one and the students are GenZ
Sometimes I get mad because you don't upload enough. But when you do I realize how much time and research you put into these videos. Thank you for your great work.
We Work is completely overvalued. Sure, they are "diversifying" now but their concept is based on an erroneous valuation of demand in the commercial real estate market, namely offices. I live near a couple of their buildings and the frequency of space use is visible to me because the places have a transparent glass front on all their floors. Most work areas are not private and guess what - no matter what time of day I walk by, the buildings are always completely empty - and I mean always! I hear from clients who have dealt with them that their office lease cost is in no way competitive in the market with an average 20% above area rates. We Work is strictly a real estate company and it seems to me that the only reason they are doing relatively well on Wall Street (for now) is because they are a way for the big banks and other plutocratic monopolies like money exchange services and cable companies to sink their billions into by declaring real estate as currency through an insurance middleman. Wait a minute - did we not go through this already back in the 90's and again in '07-'08? This is a gigantic bubble waiting to burst.
Great Insight! Can you explain the part about "companies to sink their billions into by declaring real estate as currency through an insurance middleman" a little more? I love learning about the history of financial markets :)
I want to start a startup too one day. Seeing how stupid everyone is in this world gives me hope. I mean that I have no degree in economics and am 17 and even I realise that this system has no legs. No one is actually earning money here in long term. Everyone is going to die a horrible death and give start ups a bad name.
@@@IcyProductions101 This idea has a gigantic discrepancy of liabilities, long term leases on one hand and short term clients on the other. This tells me that the inflationary money bubble has almost reached a point where there is way too much currency which needs to be parked in equity market instruments with only limited concern about immediate cash flow (like insurance). Meanwhile this is a very capital intensive business which has to grow exponentially because Wall Street is scaling expected revenue like a tech company but this is really a real estate investment brokerage model similar to commercial insurance - easily copied and not proprietary. Started by an ex-Israeli military dude (who only ran a little baby clothes company before that) and an architect, this has gynormous bubble written all over it.
Dude your videos are getting so freaking good, dammmmn... And this supersmooth transitions to sponsors ad, so good I actually like to watch them lol, keep up the good work
Here in Dublin, WeWork is crazy expensive in comparison to other companies offering hot desks, dedicated desks or private offices. I went for a tour of 2 of their buildings. While I was impressed on how modern they are, the price is what scared me off. WeWork prices (including VAT): Hot Desk: 500 Euro/month Dedicated Desk: 580 Euro/month Private Office 1 Seat: 940 Euro/month Private Office 2 Seat: 1780 Euro/month Private Office 3 Seat: 2660 Euro/month Private Office 4 Seat: 3330 Euro/month Competitors in Dublin (lowest price within Dublin city centre with similar basic features, such as cleaning, printing, high speed internet, building security etc). Private offices often don't have a predefined limits of seats, it's more about the room size. Hot Desk: 150 Euro/month Dedicated Desk: 200 Euro/month (that's what I'm renting now in Temple Bar in an office building, it's sort of an open cubicle with divider walls left, right and front of the desk. More privacy than fully open floor, but less than a fully enclosed cubicle) Private Office 1 Seat: 600 Euro/month (can often fit 2 seats) Private Office 2 Seat: 800 Euro/month Private Office 3 Seat: 700-1000 Euro/month Private Office 4 Seat: 1000 -1400 Euro/month It's strange because WeWork focuses on StartUp companies, who often have very little capital and rely heavily on saving as much as possible on 3rd party costs. I get it, WeWork offers great networking possibilities with other StartUps that are based in the same building and it's hard to put a price on networking, also their offices are in most cases more modern looking than the alternatives, but is that worth an up to 300% price increase? Personally, working on startup, I have little to no capital, and I want to invest as much as possible into my project, rather than fancy offices, beanbags and yummy coffee. Once (or if) I have a break through, and have a stable income that allows for such offices, then I'll be happy to move to a WeWork office.
Can't believe I've just heard of Regus here... As someone who works out of a co-working space (locally owned, not a chain), I can't see we work keeping up with the changing landscape - their only advantage is if you travel a lot and need offices in different cities around the world.
That's not how wework works. Not all of their spaces are co-working spaces. They can design a floor to clients liking and give it to them (google "amazon 2 harald square" or “IBM 88 university"). They can also design an office for your needs. Add snack bar, add power or data, build a wall in between office etc. Thinking of WeWork as co-working space only is like saying Amazon is only online store.
@@av2188, what's your beef with Regus? I've been working at one of their offices for a year and a half and have had only excellent experiences with it.
Tech startup bubble is real... they’re ALL overvalued. The ones that ARE actually making money are selling to other overvalued startups. Once the money begins to run dry... they’re all going to topple together.
Always enjoy your videos - masterfully done, super easy to understand, and love the transitions into the sponsorship - that's REALLY well done. As someone who has been creating training videos for the last 20 years, I can really appreciate your style (and the amount of work it takes). Kudos! Keep em coming!!
Looks at most of the weWork spaces. I wouldnt get any serious work done in such an uncomfortable environment. You seriously expect me to work on a 15" laptop in my lap and sitting on a sofa?
Must... buy... Dashlane... Seriously, you make the transition from content to advertisement so smooth. Good for you PolyMatter! Never mind that your videos are relevant, well scripted, and fluid. Look at me gushing for a channel I just discovered today. But seriously, very impressed. Subbed!
I love your videos. Just a little piece of feedback, the transition in the end from informative content to informative sponsored content left me perplexed. Thanks!
Sorry but this video missed the mark, because the story of WeWork is a gloriously amusing story of a charismatic, eccentric charlatan (Adam Neumann) meeting an eccentric Japanese businessman who was convinced he's a genius because he was an early investor in Alibaba.
9:41 imagine paying a company 200 bucks a month for a work space and they put you in a shower stall with a plywood box for a chair. Is it any wonder this failed?
fyi Airbnb is actually ILLEGAL in many places. Sub-leasing (i.e. I pay rent to a landlord, and then rent the place out to someone else) is forbidden in many contracts, and a lot of local municipalities outlaw the practice. While individuals might ignore the practice and get away with it, the same isn't the case with Businesses.
In the UK we call these Incubators and they are normally government run using local government owned property which was not in use at the time of converting them. They are all over the UK and are typically reserved for companies in their first 3 years.
Let's start MeWork. We basically do the same as WeWork, but instead of all that communist speak and pussy-ass furniture, everything is a competition. Who got the most investor money? How much have you sold? What's you brand recognition? There's no casual clothes Friday, because we're not filthy casuals. There's BLACKJACK & HOOKERS FRIDAY! On the ruins of the old cafe latte machine we have built a cocaine fountain. Each morning starts with a war-cry, and our logo is a T-rex ripping a cute baby seal apart.
Next video will come a little earlier due to some travel. Enjoy!
Please travel often
Can dashlane get hacked?
AJ Nachtigal yup, use KeePass and Dropbox
69 likes
Can you make a video on how you create these dope minimalist videos?!
This is video has aged extraordinarily well
like a fine vintage lol
great insights!
Oh so well......
Oh...... so....... well....
Softbank : The hell with this shitty company
@@blankblankpog Now we only need a similar video of SoftBank....
When a webpage has a sentence like "a field of super-elliptic objects forms a learning landscape that's dense and rational - yet free and fluid" in order to describe what an indoor classroom is, that's when you know the people running the business are full of bull-crap trying to sell you something that's not sustainable.
This is such an underrated comment.
Selling something that isn’t something
Faux-intellectual word salad that means absolutely nothing. But really, how else are you going to dupe people into spending tens of thousands of dollars to send their kids to a WeWork elementary school?
Sounds like a sentence formed on an acid trip, describing said trip
Why it sounds like they're describing learning landscape as if it's a mathematical object?
“Like during a recession...”
2020: leggo
Coronavirus: Whats up bitch?
I come from the future. They lowered their valuation from 40B to 5B because no one wanted to invest into their IPO
Oof...
you forgot to add "IPO" "POS"
As this video points out, WeWork has long term leases (10-15 years) in 450+ locations around the world, yet despite 80% tenancy it made almost a $2 billion LOSS in 2018, so if the economy worsens in 2020 it's at risk of losing tenants but still having to pay for mostly empty buildings.
@@GonzoTehGreat
If the economy GROWS they will still likely see loses. They are too damn big with no real service.
Good Idea, bad executives and overreaching on size of real estate, had they bought smaller offices, they would be in the black.
That Sponsor transition was smoother than my grandfather's bald head
haha for real
God dam it was smooth
BALD. NOT BOLD...
To baldly go...
Too Bald, Huh?
2018: WeWork
2019 *_WeBroke_*
Pretty much what happened in a nut shell.
WeCrashed 😭
2020: We bankrupt
we got killed by police brutality and Chinese corona virus
2020 wegone
From now on I'm taking all my investment advice from PolyMatter
I am also baffled by how well this analysis held up. Rewatching this after I listened to the WeCrashed podcast. Recommended if you are fascinated by this story!
PolyMatter knew it way before SoftBank or JPMorgan did. Hats off.
A company invested $47 billion on almost every service you get for free at your local library...
Taric Alani Libraries are for Communist DemonRats /s
@@nealkelly9757 Idk think I've ever heard anyone from the conservative spectrum hate on libraries let alone consider them communist.
They are because they are about providing a service to the general public. If people hate Medicaid and paying for services you don't use, it will seem communist to you. Why should your money be spent on a library for the poor who can't afford their own study room with a library?
Yes library's are a great space to be productive in.
@@sasukeuchiha998 I don't think you understand what communism is, providing government run services within a capitalist society isn't even close to being considered communist. lol
Even Trump supporters understand that so wtf are you talking about?
This is the best aged video on the Internet. I have never seen a video that has aged more beautifully than this one.
You have just described the Silicon Valley economics. It’s just a big bubble of inflated valuations of startups and VCs
Saudi money. All of it.
Looking forward to that "We Die" hospital.
you forgot - we drive car company - or the - we toilets -
weshit company
Ryan Johnson That, after WeCorona, and before WeMorgue 👌🏻
WeDie shared space cemeteries
Or,, We Give Bowjobs startup.
Investor: So, is your company a real estate company or a tech company?
We CEO: Yes.
"That depends on whether you're coming for taxes"
*WEO
Scam company :D
Neither, we're a state of consciousness. So if you wouldn't mind signing this blank cheque
You mean Adam Neumann
This turned out to be incredibly accurate. As for SoftBank, it’s beginning to look like one massive pump and dump scheme almost. Investing at crazy valuations and cashing in after IPO.
The most undervalued startup is SouljaBoy Technologies, Inc.
Im putting all my eggs into that basket.
*undervalued 😤
That’s implying there’s anyone that thinks it has value
Of course
He's just a boy with a dream
I really hate the modern "we're all your big happy family" angle companies have especially when it comes to hiring. I come do tasks for you and you give me money in return. That should be the start and end of our relationship.
working for them is not enough anymore you have to sell your soul
@@gotoShiba01 Yeah, they do that so you stay with them
I think it's nice if a workplace feels like more than just work. However, sadly a lot of companies use this as an excuse to pay employees cheaply, and too many people let themselve be bullshitted with that approach.
Michael Scott is disappointed
Yeah it's interesting, companies can get loyalty by doing the whole family thing, but the downside is when they give pay cuts or fire people, people will feel betrayed and that will hurt their reputation and the company culture. On the flipside, if they choose not to do the family thing, they might not have as much loyalty but pay cuts and redundancies are understood as just business
In other words, WeWork attracts the same people that buy their coffee from starbucks every morning, wear ultra skinny clothing, and think they're entrepreneurs because they got a logo from fivver.
And just experienced a rash of major lay offs in the media outrage industry because their rage/race baiting articles weren't turning a profit.
@@petercarioscia9189 that's an oddly specific comment
Timothy Schellin learn to code.
Owned it 😂
who "hustle" to start a business with their dads money and with a trust fund bank account.
Am I an asshole or is this just an expensive library?
They are. These stupid Startupers will give Startups a bad name by crashing the entire market.
Actually, you might be the smartest guy in the room. Increasingly more people will realize this.
@@siddhantsharma7728 yeah, the people that use them have the mentality that they are fighting the big companies sort of how people thought by using Uber they were fighting taxi companies until you realize it's just worse service funded by the same big companies
You guys are a bunch of twats honestly
Are there a lot of homeless people at WeWork?
This aged incredibly well...
Like a fine wine
Why??
Hi - I rent space in a wework, own a real estate firm and can tell you why it's valued so high:
They lease dilapidated buildings (Class C) that will cost the landlords MILLIONS to upgrade to current code. The building I'm in took two years to finish construction. In return wework gets a sweetheart lease - which entails the worst case scenario as terms (ie during a recession). The building I'm in, I know the owner, and the building lease monthly worked out that if the 2017 (when it opened) office rents were only 68% occupied they'd be cutting even. Except wework, my building, is operating at 97% occupancy with 25% higher rents since 2017. In other words, they are stowing rainy day funds. The owners are smart individuals
2. Running a wework building is a pain in the ass. I know first hand - entrepreneurs are picky, always complaining, plus have a hefty staff to keep it running. Landlords do not know how to do this - hence the 'middleman' you speak of
PS - 3:30 commercial leases have gradual increases yearly as taxes, etc go up - typically 1-2%
Interviewed for a job that had a wework office. It was small/cramped but the other amenities outweighed it, imo.
Its investors money. Maybe Soft Bank actually owns the buildings and using investor money to upgrade them. Just like they scheme investor into buying reits.
People who rent at WeWork are not picky. Trust me, I maintained 10+ wework spaces. As long as they have internet, electrics and climate control works more or less, no one bothers community managers.
Informative. Thanks
Nice
0:17 hey PolyMatter, I just wanted to remind you that you’re wrong about Florida’s flag
That’s all
ಠ_ಠ
Haha
¯\_(ツ)_/¯
Oh man you are everywhere
@@PolyMatter the look of disapproval
man you were way out in front of this giving the problems when they tried the IPO over the last couple of days
I'm not even lying, but watching this video from a WeWork hot desk... 🤷♂️
you should be working not watching a video
I'm not even lying, but writing this comment from the ISS.
and his name? Albert Einstein.
Hey, they're a great value service. Especially because they're losing so much cash on providing it lol.
At least you are using a headphone?
I looked into renting a wework since I work from home and it was about $300 for a hot desk. Brutal.
You get access to conference rooms and receptionists or no?
Use Regus, its cheaper
why not work from home?
@@robosergTV much harder to balance work play without dedicated office
@@swank8508
Username checks out
I do not think WeWork understands millennials, instead it understands is Gen X and Baby Boomer's perceptions of millennials. It's current business is collecting VC money, with renting space being its product. So it looks how older investors think millennials think.
I wondering what Gen Z will do considering the Gen Y is getting old and will be pass their use by date?
Clarify how millennials actually think.
This!! I see mostly Gen Xers using these offices.
I don't know many millenials who think like that...
Exactly! Millennials likes to work at HOME! Haha
@@dennienguyenUX As a millennial, I take offense to this... we like to be home period.
Wework, a company that seeks to serve freelancers who don't have to work at a miserable office by eliminating all of the benefits of not having to work at a miserable office by charging them money for miserable offices to work at.
They can get the same for free at their local public library or for a very low price at a coffee shop. That or they can just work at home and make their dream work computer setup that an office would never allow.
it does not make sense to me but that might be just because i am not their targeted customer.
isn't it much better to just work from home, more comfortable for sure.
4 dollars a cup of coffee * 20 is 800 dollars, we work’s most expensive rent?
@@stillyi 4 times 20 is 80... 20 + 20 + 20 + 20 = 80 not 800
@@stillyi Jesus christ that math...
@stillyi The math aint mathing
This man needs to be hired to create ad transition for others.
Yeah. That way, others can be just as obnoxiously sneaky. Maybe he can get every TV and radio show to deceptively transition into its ads. Wouldn't that be great?!
Your transitions between ads and actual video content are so smooth, at times I only realized it when you were already way into the ad. Hats off to your script-writing skills.
Softbank's core business is cellphone service in Japan and the US (Sprint). Goes to show how much of a cash-cow the cell-phone business is (especially in those two countries).
Their Core Business is Oil. Its all Saudi money preparing for when their supplies give out.
who's here after his prediction came true
Glad we acknowledged how old millennials actually are. I'm tired of people acting like millennials are still kids. Let's give Gen Z the attention we deserve
Fuck gen z
@@MsDragonbal776 Why you hate Gen Z?
@@MsDragonbal776 look i didn't consent to be born in this generation
My professor talked during the lesson about (the students) being millenials. Except that the professor is actually the millenial one and the students are GenZ
Let's not and say we did.
1:50 - I hate those uncomfortable chairs.
OPINIONS
When you get to hell they make you sit in them all of the time.
Its not about comfort, its creativity. Sit, feel the pain and smile. Looks cool.
@@drac124 Said Arthur, the sadistic neighbor 2 blocks away.
Why are we reinventing chairs? Are Millennials so useless that we have to reinvent shit, just to say "Hey! I invented something!"
Sometimes I get mad because you don't upload enough. But when you do I realize how much time and research you put into these videos. Thank you for your great work.
“Millennials are killing our business!”
*You realize people patronizing your business isn’t owed to you, right?*
I got back watching this video after WeWork news. Nice research work as always PolyMatter ! Keep up this awesome channel
The *business valuation* is strong with this one
I thought of this video when Wework started having issues trying to go public.
We Work is completely overvalued. Sure, they are "diversifying" now but their concept is based on an erroneous valuation of demand in the commercial real estate market, namely offices. I live near a couple of their buildings and the frequency of space use is visible to me because the places have a transparent glass front on all their floors. Most work areas are not private and guess what - no matter what time of day I walk by, the buildings are always completely empty - and I mean always! I hear from clients who have dealt with them that their office lease cost is in no way competitive in the market with an average 20% above area rates. We Work is strictly a real estate company and it seems to me that the only reason they are doing relatively well on Wall Street (for now) is because they are a way for the big banks and other plutocratic monopolies like money exchange services and cable companies to sink their billions into by declaring real estate as currency through an insurance middleman. Wait a minute - did we not go through this already back in the 90's and again in '07-'08? This is a gigantic bubble waiting to burst.
Great Insight! Can you explain the part about "companies to sink their billions into by declaring real estate as currency through an insurance middleman" a little more? I love learning about the history of financial markets :)
I want to start a startup too one day. Seeing how stupid everyone is in this world gives me hope.
I mean that I have no degree in economics and am 17 and even I realise that this system has no legs. No one is actually earning money here in long term. Everyone is going to die a horrible death and give start ups a bad name.
@@@IcyProductions101 This idea has a gigantic discrepancy of liabilities, long term leases on one hand and short term clients on the other. This tells me that the inflationary money bubble has almost reached a point where there is way too much currency which needs to be parked in equity market instruments with only limited concern about immediate cash flow (like insurance). Meanwhile this is a very capital intensive business which has to grow exponentially because Wall Street is scaling expected revenue like a tech company but this is really a real estate investment brokerage model similar to commercial insurance - easily copied and not proprietary. Started by an ex-Israeli military dude (who only ran a little baby clothes company before that) and an architect, this has gynormous bubble written all over it.
@@siddhantsharma7728 So if we work turns a profit one day and I call you a dumbass?
Fox T. Yes
King Vegeta: (@9:42) Is it a real-estate or tech company?
PolyMatter: Yes...
King Vegeta: ( *KI BLAST* ) Fucking Smartass!
Somehow I'm always looking forward to seeing PolyMatter's smooth as hell transition at the end of each new video.
No, don't encourage that sneaky bad behavior! It annoys the hell out of me.
Gumby The Green who cares!
It's the end of 2019. Things got ugly.
Oh boy if you thought that was ugly...
It's the end of 2020. It got unimaginably worse
See y'all in a year! (maybe)
Dude your videos are getting so freaking good, dammmmn... And this supersmooth transitions to sponsors ad, so good I actually like to watch them lol, keep up the good work
Aaaaand that's exactly what happened! Comes September and WeWork withdraws their IPO.
"Regus actually makes a profit... So old fashion, who does that, mmmmh"... So true!
they completely missed the opportunity to call the gym we grind
It’s always Karen...
yes, Karen From Finance
or Nina...th-cam.com/video/4s5yHUpumkY/w-d-xo.html
Karen is the worst
Here in Dublin, WeWork is crazy expensive in comparison to other companies offering hot desks, dedicated desks or private offices. I went for a tour of 2 of their buildings. While I was impressed on how modern they are, the price is what scared me off.
WeWork prices (including VAT):
Hot Desk: 500 Euro/month
Dedicated Desk: 580 Euro/month
Private Office 1 Seat:
940 Euro/month
Private Office 2 Seat: 1780 Euro/month
Private Office 3 Seat: 2660 Euro/month
Private Office 4 Seat: 3330 Euro/month
Competitors in Dublin (lowest price within Dublin city centre with similar basic features, such as cleaning, printing, high speed internet, building security etc). Private offices often don't have a predefined limits of seats, it's more about the room size.
Hot Desk: 150 Euro/month
Dedicated Desk: 200 Euro/month
(that's what I'm renting now in Temple Bar in an office building, it's sort of an open cubicle with divider walls left, right and front of the desk. More privacy than fully open floor, but less than a fully enclosed cubicle)
Private Office 1 Seat: 600 Euro/month (can often fit 2 seats)
Private Office 2 Seat:
800 Euro/month
Private Office 3 Seat:
700-1000 Euro/month
Private Office 4 Seat: 1000 -1400 Euro/month
It's strange because WeWork focuses on StartUp companies, who often have very little capital and rely heavily on saving as much as possible on 3rd party costs. I get it, WeWork offers great networking possibilities with other StartUps that are based in the same building and it's hard to put a price on networking, also their offices are in most cases more modern looking than the alternatives, but is that worth an up to 300% price increase?
Personally, working on startup, I have little to no capital, and I want to invest as much as possible into my project, rather than fancy offices, beanbags and yummy coffee. Once (or if) I have a break through, and have a stable income that allows for such offices, then I'll be happy to move to a WeWork office.
Can't believe I've just heard of Regus here... As someone who works out of a co-working space (locally owned, not a chain), I can't see we work keeping up with the changing landscape - their only advantage is if you travel a lot and need offices in different cities around the world.
Hope your locally owned coworking space keeps going. Chains seem to do better. Regus is a terrible company though.
@@av2188 thank you, though we are doing very well - Google Green Garage Detroit - been here for ten years and has been at full capacity for years.
Has a cool central location, thanks for sharing!
That's not how wework works. Not all of their spaces are co-working spaces. They can design a floor to clients liking and give it to them (google "amazon 2 harald square" or “IBM 88 university"). They can also design an office for your needs. Add snack bar, add power or data, build a wall in between office etc. Thinking of WeWork as co-working space only is like saying Amazon is only online store.
@@av2188, what's your beef with Regus? I've been working at one of their offices for a year and a half and have had only excellent experiences with it.
Tech startup bubble is real... they’re ALL overvalued. The ones that ARE actually making money are selling to other overvalued startups. Once the money begins to run dry... they’re all going to topple together.
Having worked in Regus, I agree why Wework can be more successful, but yes only if the property prices remain stable or rise gradually.
Always enjoy your videos - masterfully done, super easy to understand, and love the transitions into the sponsorship - that's REALLY well done. As someone who has been creating training videos for the last 20 years, I can really appreciate your style (and the amount of work it takes). Kudos! Keep em coming!!
10:46 the build up of a seamless transition
Love your videos bro! Love learning about random stuff I didn't know about
Nice informative video on WeWork
that logo is made on canva.com
BRUH LMAO That segue at the end was actually incredible. Good job mate.
How accurate considering the company is now closer to bankruptcy after missing out on its IPO
Damn! The transition from the video to ad!!! WTF! Smooth as!
In a couple of years we work is going to be enron.
that right there is what we in the business call
la grande oof
This video stood the test of time extraordinarily well!
I love your videos please make more of them.
watching this at the end of 2021 is trippy
"Roll your eyes all you want"
Way ahead of you.
Polymatter: like during a recession
Me during covid: ok so their dead
Looks at most of the weWork spaces. I wouldnt get any serious work done in such an uncomfortable environment. You seriously expect me to work on a 15" laptop in my lap and sitting on a sofa?
Must... buy... Dashlane... Seriously, you make the transition from content to advertisement so smooth. Good for you PolyMatter! Never mind that your videos are relevant, well scripted, and fluid. Look at me gushing for a channel I just discovered today. But seriously, very impressed. Subbed!
there''s a wework office in our building here in Manila, Philippines. Didn't know they were this big.
The endorsement at the end was great i was about halfway through it when I realized it wasn't part of the original topic good job
1:21 Hey i called Karen 7 times too but she still didnt gave me back my kids
I love your videos. Just a little piece of feedback, the transition in the end from informative content to informative sponsored content left me perplexed. Thanks!
All hail Polymatter, the startup Oracle
He sees all, knows all.
Sorry but this video missed the mark, because the story of WeWork is a gloriously amusing story of a charismatic, eccentric charlatan (Adam Neumann) meeting an eccentric Japanese businessman who was convinced he's a genius because he was an early investor in Alibaba.
you are a master at sponsor transition!
This channel is amazing. Should have millions of subs. Please keep it up!
The name was Theranos, valued at billions, yet it was worth nothing.
One could argue that Theranos is not a company, though
9:41 imagine paying a company 200 bucks a month for a work space and they put you in a shower stall with a plywood box for a chair. Is it any wonder this failed?
"Is it a real estate or tech company?"
*Yes*
Just laughed out loud in my lecture.
Your graphic design skills are phenominal.
They thought they were the Amazon of Real Estate.
If you have a really big basket and you don't do it all the time you can put all your eggs in there just fine.
"There is just one problem or a few billion actually."
MY LIFE :(
I never get tired of how this dude transitions into the commercial. Much respect. Lol.
“Like in Recession” LAUGHING IN CORONA SEASON.
Soosoo smooth transition to sponsor! I love it!
My dream is to start a company and this is really helping me, thank you ❤️
good luck!
Dream to provide a valuable service or product people love... The company is just the byproduct... The means to an end
Until now, I was only a subscriber, but recent events made me hit that bell button!
Just watch when wework suddenly disappears with all of the money.
You should do a follow-up, seeing as how we work has mostly collapsed
cant Airbnb just make Airbnb Work, and people can lease out their work/office spaces on the platform?
they are doing it ....
fyi Airbnb is actually ILLEGAL in many places. Sub-leasing (i.e. I pay rent to a landlord, and then rent the place out to someone else) is forbidden in many contracts, and a lot of local municipalities outlaw the practice.
While individuals might ignore the practice and get away with it, the same isn't the case with Businesses.
That already exists. It's call LiquidDesk.
My favorite part of this video is when he casually transitions into product promotion at the end
I was tired of hearing Apple in every other video of yours, so this is one of your best videos, Polymatter.
greatidea11 Apple was mentioned 5:30
Very talented! That's some amazing writing, concise, short to the point and well argued. Kudos well done.
Me: *rolls eyes*
PolyMatter: "Don't roll your eyes"
Me: *surprised pikachu meme*
In the UK we call these Incubators and they are normally government run using local government owned property which was not in use at the time of converting them. They are all over the UK and are typically reserved for companies in their first 3 years.
Ourwork
Ourgrow
Rise by us
Ourlive,
Sounds like communism
Let's start MeWork. We basically do the same as WeWork, but instead of all that communist speak and pussy-ass furniture, everything is a competition. Who got the most investor money? How much have you sold? What's you brand recognition? There's no casual clothes Friday, because we're not filthy casuals. There's BLACKJACK & HOOKERS FRIDAY! On the ruins of the old cafe latte machine we have built a cocaine fountain. Each morning starts with a war-cry, and our logo is a T-rex ripping a cute baby seal apart.
Indonesians would know, they murdered 500 000 of them
sounds pretty good to me
@@michaelm3691 for some reason I want this, how messed up am I 😂
My friend says:
WeWork
WeLive
WeDie
*widens eyes*
You've mastered the art of story telling
if only you were at the board of softbank... :) amazing predictions!
The people who disliked this video were the only 1000 people who actually use wework
They didn't even make it to the recession
Is that why there is no video about the recession ruining them.
There's so many We's that I couldn't tell if it was french.