Is the co-working boom creating the next real estate bubble?
Is the co-working boom creating the next real estate bubble?
By Daniel Geiger & Matthew Flamm
To fill the 21st floor at his newly purchased midtown office building, Charles Aini polished the concrete floors, erected 37 glass partitions and built a white-marble reception desk that doubles as a minibar. Then he came up with a fashionable sounding name, Workville, and jumped into one of the fastest growing sectors in the city: co-working.
“This is an incredibly lucrative business,” Aini said.
When the hottest star in New York City real estate doesn’t own a single square foot, even landlords start thinking, What would Adam Neumann do?
