Asking rents spiral down in Chicago & Honolulu, come unglued in Washington DC, drift lower in New York City, but see double-digit surges in Southern California and many less expensive markets.
Rents in Southern California go nuts. Bay Area & Seattle “mixed.” Chicago & Honolulu in free-fall. New York City sharply lower. Washington DC loses grip. But rents soar 10-15% in many markets.
The CEO is selling that $20 billion valuation to a lot of smart, rich guys. But WeWork’s entities are known as SPE’s (“Screwing Probably Expected”), and landlords will be the first to go down.
