[electic]

I did know some friend who were tenants five years ago but today....no one.

Why? Because here are so many co-working spaces that have popped up over the last few years. There is no moat or barrier to entry other than the capital to lease a place and set it up. These new co-working places also tend to be cheaper.

You can see the net effect on their S-1 filing where their per-desk revenue is slowing and their growth rate is slowing in markets where they have existing locations. The only way they can grow at a decent pace is to open new locations in new markets and that is very very capital intensive.