WeWork approached physical space as if it were virtual, which led to the company's downfall

The pandemic shifted work patterns and reduced the need for space, including shared offices. (Shutterstock)

On Nov. 6, the co-working firm WeWork filed for bankruptcy. WeWork, founded by Adam Neumann and Miguel McKelvey in 2010, had a simple business model: it signed long-term leases on urban buildings, fitting them out with modern work facilities. Then, it rented out desks, offices and meeting rooms to companies and freelancers seeking an easy-come, easy-go workplace.

WeWork was, in short, in the office subleasing business.