Why do people like WeWork? Here in Singapore, a hot-desk at WeWork is $400+ USD a mont. Am I crazy, or is $400 a month a lot of money for a hot-desk with decent internet?
Or is it one of those things where all their money is in the big rentals, and the hot-desks are just for show?
FWIW, I've been using WeWork for the last six months to do both contract work and studying.
As someone who has worked remotely for the last five years, I like having the option of working away from home, as I can get a bit cabin feverish. The location I work at is quite lively and friendly.
Also, the fact that everyone around me is working has the psychological effect to encourage me not to slack off. I'll usually go to my WeWork location in the morning and work straight till the evening where I stop. Previously, when working exclusively at home, the work hours was particularly murky and inconsistent.
To add, in my city WeWork usually gets prime real estate locations, so they can be easy to commute to, especially if you live in the city. And they have enough security mechanisms set up (i.e. not located on the ground floor, numerous security cameras, people at the front) where I can go to the washroom or go for a lunch break without taking my stuff. In contrast, when I used to go to the library/Starbucks to take a break from working at home, I'd always stress about finding a table/outlet a have to take my stuff anytime I took a break.
No doubt $400/month isn't nothing, but for me, the efficiency and QOL gains has been well worth it.
Here in Stockholm hot desks are €450 and fixed desks are €550. Their hot desk proposition is pretty bad but for fixed desks they are pretty close to the market rate for central Stockholm if you want to rent 1-4 spaces, either in an own office or just desks. Their list prices for offices are a bit high but I know they can be negotiated.
Sure, you can rent for much less in the suburbs, but for companies who want an office which is central and easy to commute to the price is pretty close to market rate.
$400 for a month is close to $20 per day or $2.25 an hour(4 weeks*5 weekdays). If the environment WeWork gives provides a boost in your productivity, helps you network with other like-minded individuals, increases your brand exposure, provided extra amenities, decreases the cost in comparison to your current environment, etc. Then it may be worth it.
For me it ended up not being worth it because I don't go in every day. In my case, the point of me WFH is so that I could get my commute time back, not just spend it going to a "different" office. With that said, I found myself only going in about 2x a week, which made it not worth it for me.
Or is it one of those things where all their money is in the big rentals, and the hot-desks are just for show?