Instead of leasing buildings in a traditional manner to multiple larger tenants, coworking companies lease entire structures and then sell these leases at a higher rate to members, a/k/a tenants. A change in use, not physical form. Combine that with the intangibles of inventive branding and experiential activation, and you’ve transformed one of the largest industries in the world—commercial real estate—sim- ply by changing the way people perceive it.
-Alan Philips
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