What the development of Wework means for us
If WeWork fails to make its business model profitable, real estate owners would have to write off part of the billions in revenue they had hoped for. Would that make it easier for us to expand? I say loudly, “No!” If anything, it would hurt us because our business model would be called into question again. We’ve gone from being a grubby kid a là “I can’t afford my own office” to shooting star in a short time. This has never been good for anyone, neither for an industry nor for a person. The image of the American “child star” immediately comes to mind. …. Do you know what I mean? It’s up to us to differentiate Satellite Office even further from the companies pumped full of investor money. Because we have a completely different structure, a much more down-to-earth setup. We are part of the German Mittelstand.
I am sure that the rental madness created by the supposed big players will be over before long. It is becoming more important again to enter into solid and reliable partnerships. Satellite Office has grown very healthily over the last 23 years, every step of the way I have personally planned, paid for and stuck by it. We are getting that back now, our reputation is impeccable. Are the old virtues of medium-sized businesses such as reliability, down-to-earthness and professionalism perhaps not so “hip” – at the end of the day, a reliable business partner with whom I can talk, who handles his resources carefully, who plans his budget carefully and for whom the handshake still counts is not bad at all in the face of all the hype, is it?
The greed for maximum rents, for huge spaces, for the easy and fast big business like in the American movies has driven the mind in the last years. Him but fortunately not completely eaten. A little is still there…and now we make something out of it! In the coming months we will announce further expansions, solidly grown and traditionally financed. I am working on it with full force!