Now that it’s become a dominant provider of shared office spaces, WeWork is setting its sights on the co-living market through a venture called WeLive. And an investor presentation suggests WeWork’s hopes for the new business are nearly as ambitious as those of its core business.
WeLive’s first two buildings could open as soon as this year, one near Washington D.C. and the other in New York, with the same kind of communal spirit as the WeWork locations. But an investor presentation from late last year obtained by The Information suggest the residential business will be tougher. Because WeLive’s locations will offer members more space than WeWork’s offices, WeLive’s profit margins are expected to start out thinner than the co-working business and to decline in the five years covered by the projections.