The fall of WeWork shows the deepening cracks in property

Since it was founded in 2010, WeWork has not once turned a profit. For years its cash-torching ways went unchallenged, thanks to the reality-distorting powers of its flamboyant founder, Adam Neumann, who succeeded in convincing investors, most notably SoftBank, that it was not an office-rental business but a zippy tech firm on a mission to “elevate the world’s consciousness”. Its slick office spaces, complete with free beer and table football, sprung up around the world. At the height of the silliness in early 2019, in the lead-up to an initial public offering (IPO), the company was valued at $47bn.