JULY 2019

Off Market

What's driving corporate real estate around the world. We cut through the noise to give you timely insight into what’s happening, plus provide an early look at off market inventory.

By ryan tucker


Welcome to the first edition of Off Market.

Working at WeWork has been a deep-dive into the Chinese Trade War, Indian Elections, Brexit, and more. Far from what I anticipated real estate to be when I first made the leap from the software space.

Today, WeWork helps more than 50% of the global Fortune 500 companies find real estate and create workspaces for their people. That gives us at WeWork an eagle eye view into the forces shaping commercial real estate globally.

Off Market tells the story behind the data, so you can see what I’m seeing.

Thanks for joining me,
-Ryan Tucker

In today's update:

  • Dublin: The Story of the Recession
  • Off Market Inventory
  • Trillion Dollar Coach
  • The Briefs: Trends, News and Big Deals

Have anything you want to say?
Email me directly at ryan.tucker@wework.com

Total Length: ~1500 words, 5-min to read, 2-min to skim, 0-min to skip




Why understanding the long-term impact of the recession in Dublin, will help drive future Real Estate decisions globally.

BMO inked a 15-year lease for the last 215,000 square feet of Conde Nast’s old space at 4 Times Square. (Real Deal)

Zynga​ finds a buyer for their San Francisco building, selling for $600M, but retaining a 150K SF footprint to keep their HQ. Zynga cites the market being at a high-point and the simple fact they aren't a Real Estate company as the primary drivers for selling.

JUUL Labs​ follows the Zynga playbook and acquires a 350K SF building of their own in San Francisco's Soma district.

Credit Karma, signed a new 106K SF Headquarters in Oakland, the second major move from SF to Oakland by a major tech company (Square recently signed a lease in the Uptown Station building). (SF Chronicle)


How Modi’s Victory Could Reshape India

Popular nationalist has opportunity to make nation a bigger player in global economy and Asia’s geopolitics, but could also bring changes to secular politics.

WeWorkWeWork Prepares For IPO With Chase Helping It Acquire A $2.75 Billion Credit Line

Following its submission to the Securities and Exchange Commission for its IPO, WeWork is now seeking for a $2.75 billion credit with help from JPMorgan Chase.

Global Impact Report

WeWork released their Global Impact report and the results are staggering. The WeWork economy supports $122.3 billion in GDP worldwide through direct, indirect, and induced spending – roughly the size of the economy of cities like Vancouver, Dublin, or Austin.

Forbes - Beyond Coworking: Homegrown Innovation Spaces Are Transforming Second Cities

Forbes writes about co-working's impact on second cities, spotlighting how WeWork has impacted and transformed cities.


Know one thing, to know everything

Know this: Landlords across Europe lost a remarkable amount of capital during the recession -- Dublin was hit particularly hard. No surprise here.

But, the recovery was almost as painful, as real estate developers suffered from credit issues with European banks and were unable to increase real estate office supply to meet the current post-recession demand.

Why we care: The market today is still feeling the macroeconomic impacts of the recession as landlords in Dublin are short on capital and desire long lease terms. For tenants, this means lease terms frequently exceeding 20+ years, minimal incentives and extraordinarily high credit requirements.

What to do now: Companies seeking to access top-end hiring talent in Dublin should explore real estate options that decrease long-term exposure through flexibility in both space and term. If exploring the traditional real estate leasing model, be aware of potential credit issues and the need for additional upfront capital.

What's next: If the global economy is at the high water mark, will history repeat itself? Is Dublin a lesson for how to approach other markets?

Some forward thinking companies are acting accordingly, by de-risking their global real estate strategy with a focus on shorter, 2-4 year terms that provide extra capital and lower long-term liabilities... at least until the market has more clarity. Should the market drop precipitously, these companies will be ready to lock in longer leases with better financials. Low risk, high reward.


20 years

Average length of term for leases in the

Dublin Market.


06 months

Number of months tenants in Dublin typically receive at no cost.



Minimal capital incentives are provided to new tenants, meaning businesses must front the capex.



Across all commercial buildings in Dublin, with 0% YoY change.

New Space

Off Market

Get ahead of growing trends with these off market assets…



138 Holburn
London, U.K.

3-D Tour

A click-thru digital tour

What's the deal?

Waterhouse Square in the vibrant Camden neighborhood has some large blocks of space available featuring unique gothic architecture and modern interior details.


Bay Area, California

Searching for space away from the congested Downtown districts of Oakland and San Francisco?

What's the deal?

The Towers offer the best views of the San Francisco skyline from any current WeWork (sorry Salesforce Tower!)

Both offer lower cost alternatives outside of the Financial District or Soma and come with significant amount of parking.

Hot Markets

Expanding in these markets?


WeWork On Track For 200% Growth In Denver This Year
Bisnow writes about WeWork continuing its rapid growth in Denver with several leases. “So many people are realizing that there’s more to work than just work,” WeWork VP and GM Nathan Lenahan said.

WeWork hits 1 million square feet in Chicago
The co-working provider has a new deal to open a location on the top floors of 625 W. Adams in the West Loop.


EuropaPress - WeWork opens its sixth shared office center in Madrid
The article reports that WeWork has opened its sixth location in Madrid, taking five floors of the 'El Cubo' building on María de Molina Street.

WeWork is crowned as the largest private tenant in Mexico
Expansion reports that WeWork has become the largest private office occupant in Mexico with 32,000 members and 17 locations.

WeWork Unveils Captivating New South Africa Location
The first space in Africa, WeWork partnered with local communities to craft authentic, inspired workspaces.


Media Selections

A curated selection of Books, Podcasts and Data.


Want to learn more?


Trillion Dollar Coach - The Leadership Playbook of Bill Campbell

By Eric Schmidt, Jonathan Rosenberg, Alan Eagle

my Review:

Fresh out of college, I walked into a new hire orientation at Salesforce’s San Mateo office. My first day of work. Feeling excited, confident and naive.

The key presentation of the day was given by Bill Campbell. A nondescript, older gentleman, hunched over the front table.

Bill's purpose was to draw a connection between how our day-to-day efforts help Salesforce achieve something greater.

Bill began to speak. A gruff voice with no style, all substance. I was captivated, listening attentively to a sage spewing his wisdom.

"This is a team effort," he said.

He then pulled up a slide of random logos, and asked what they were. A loaded question, surely.

I raise my hand, not heading the subtle warning sign a loaded question presents.

"They are logos."

There I am, a master of the obvious.

"Yes, these are logos."

I internalize my glee. Knocked my first challenge in the real world out of the park... this is easy.

The next slide was also full of logos, but these logos were from Apple, Nike, McDonald's and Salesforce.

"What are these?" Bill bellows.

One second... two seconds... three seconds... four... a silent cohort. As I later learn, a presenter should wait eight full seconds before answering. ​ Eight seconds of silent eternity.

Bill turns to me and says, "these are brands, and if you are going to succeed here, you better understand this." A brand means something.

Humbling moments are the most powerful. This one knocked that smile right off my face. Sometimes the obvious isn't so obvious.

Bill then articulated the parallel between our role at Salesforce and how we need to live and breathe the Salesforce brand.

How many presentations have you heard at work that you still remember years later? For me, twelve years later this one feels like it was yesterday.

Bill was a mystical figure of sorts. He wasn't on Linkedin. He wasn't even an employee of Salesforce. A Google search resulted on only a few articles. Like an eagle in the wind, he made an appearance, then was largely a mystery to me for twelve years. I never understood his role or who this guy was.

Until this book…

Over the years Bill was the coach for Steve Jobs, Eric Schmidt, Sergey Brin, Sundar Pichai (CEO Google), Sheryl Sandberg, John Donahue (CEO eBAY), Dick Costolo (CEO Twitter), Al Gore, Ben Horowitz and dozens of other CEO's and executives I admire.

It turns out he also coached the boys and girls flag football teams at Sacred Heart School for years, a role he was well qualified for as the former head football coach at Columbia University. He only moved to California to join the tech industry in his 40's.

Trillion Dollar Coach is full of obvious lessons, but there is complexity in the simple. One of Bill’s key questions is easy to say, but hard to execute. I leave it with you:

How do you help others?



How Tech is Reshaping the City Skyline - Exchanges at Goldman Sachs

"Technology is changing the physical layout of cities" - Jim Garman, who runs real estate investing for Goldman Sachs' in Europe.

While e-commerce is driving down demand for brick-and-mortar storefronts, it's accelerating demand for warehouses and other logistical assets. 


Business Trends

What you need to know...

News in Brief

What’s happening around the world…


  • How Modi's Win Could Reshape India; the impact on real estate is more volatility and potential fluctuations​ ​ (WSJ
  • Softbank considering $100 billion IPO for Vision Fund. (WSJ)
  • Facebook to launch Libra,​ a global financial system based on cryptocurrency (NY Times)
  • Sprint and T-Mobile Merger Approval,​ Said to Be Near, Could Undercut Challenge by States (NY Times)
  • The making of Amazon Prime, the internet’s most successful and devastating membership program. (Vox)
  • CBS Is Planning Offer for Sister Company Viacom​ (WSJ)
  • Goldman Sachs aims to be more like a mini Blackstone with over $160B in assets. (PE News)
  • The best of WSJ's 6-hour interview with investment giant Charlie Munger. (WSJ)
  • Working remotely and the politics of decentralization. (The Information)
  • Mary Meeker's famed presentation​ on the 2019 internet trends of the year is out. (Report)
  • KIK, the Canadian cryptocurrency,​ is dealing with a $100M lawsuit, which represents a potential slippery slope of litigation against other ICO's from the 2017-18 era. (Fortune)
  • Huawei Technologies Co.​ asked a judge to quickly rule in its favor in a legal challenge to overturn a law that restricts its business in the U.S., saying American officials have failed to provide evidence that the Chinese tech giant poses a security threat. (WSJ)
  • WeWork is now seeking a $2.75 billion credit line​ with help from JPMorgan Chase following its submission to the Securities and Exchange Commission for its IPO (Business Times)
  • WeWork recently released the 2019Global Impact Report, which shows the WeWork economy supports $122.3 billion in GDP worldwide through direct, indirect, and induced spending – roughly the size of the economy of cities like Vancouver, Dublin, or Austin.


  • BMO inked a 15-year lease for the last 215,000 square feet of Conde Nast’s old space at 4 Times Square. (Real Deal)
  • WeWork is creating an investment fund​ to buy stakes in buildings where it will be a major tenant. (Bloomberg)
  • Blackstone acquires 179M SF of warehouse space for $18B​ in one of the largest real estate deals ever. (Real Deal)
  • Zynga​ sold their San Francisco building for $600M, according to their CEO, “If you look at the San Francisco market, it’s a high position. We are an interactive game company. We are not a real estate company.” They will maintain a long-term lease in the building. (VB)
  • Cruise, the driverless car company spun out of GM, has raised $1.15 billion at a $19 billion valuation, led by Softbank and Honda. (TechCrunch)
  • Gympass, is a fitness platform and the second large investment by Softbank in Brazil.
  • Salesforce agreed to buy Tableau Software for $15.7 billion in an all-stock deal, shortly after Google acquired Looker.
  • Gett, an Israel-based ride-hail company mostly focused on corporate clients, raised $200 million in funding at a $1.5 billion post-money valuation. (Axios)
  • VTS, NY-based real estate startup, has raised $90 million at a $1 billion valuation, led by two of the world's largest landlords, Brookfield and GLP. (WSJ)
  • Brex, a two year old San Francisco-based startup that provides corporate credit cards to firms and employees, is set to close on new funding at a valuation of over $2 billion. (PYMNTS)
  • In case you missed the IPOs...Slack Inc. Filed for their S-1 to IPO on April 26th, is now Public. WeWork Filed for their S-1 to IPO on April 28th. CrowdStrike Filed for their S-1 to IPO on May 15th.


How will India's election shape Global Opportunity? (WSJ)

  • Popular nationalist has opportunity to make nation a bigger player in global economy and Asia’s geopolitics, but could also bring changes to secular politics.

What is our value proposition globally?

  • Flexible space provider for corporate M&A.

How did we develop this account?

  • WW M&A team had a key relationship with Disney CFO that was instrumental in connecting us with their RE team in early 2018.

What do we have in progress?

  • $xxxK in TCV / 150 desk deal in NYC and xxx desk deal in Coral Gables.

What is the current footprint with us?

  • $xxxM in TCV and 100 desks in Shanghai.

How did we develop this account in China?

  • Ping-An is a Chinese insurance and financial services corporation.
  • BD in HK sat next to the CEO, at a social event. Afterwards, we invited the CEO to the WW table at The Economist' AI Breakfast and the account unlocked from there.

What do we have in progress?

  • This account has 13+ subsidiaries that we're individually developing with time.
  • WW China management team to meet with their senior executive team.
  • There is a $XX million TCV / XXXX desk deal in early stages of discussion.

What is the current footprint with us?

  • $XXX million in TCV / XXXX desks across US, UK, France, Japan, Netherlands, and Australia.

What is our value proposition globally?

  • Speed to operate, flexibility, and ability to drive end to end delivery in progress.

What do we have in progress?

  • High Growth Startup has expanded to 5 different countries with WeWork in 2019.
  • Currently partnering to find a new EMEA HQ in 2019.
  • Executive meeting scheduled this month to discuss broader partnership plans.

Ryan Tucker joined WeWork from the software space and is based in San Francisco. He helps high-growth organizations manage their Real Estate portfolio at a global level. Previously, he held leadership roles in several venture backed startups and cofounded Brandcast.

Off Market is a monthly newsletter on the global trends shaping the real estate industry and future of work, but is not reflect the We Company.

Brandcast is a web publishing platform that helps enterprise companies build and manage newsletters, proposals and microsites at scale.