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Five years after being ousted from WeWork, Adam Neumann is launching a new coworking competitor called Workflow, which aims to provide a more sophisticated experience, according to Bloomberg.
This service will be offered through Flow, a residential startup founded by Neumann in 2022. Flow owns 4,000 condominium and rental units across both U.S. and Saudi Arabian cities.
In contrast to WeWork, which targeted recent graduates and tech startups, Workflow is supposedly envisioned to create a serene environment featuring upscale artwork and luxurious furnishings.
Neumann intends to revamp the leasing model previously used by WeWork. Instead of relying on long-term lease agreements for subleasing, Workflow spaces will be located in residential buildings owned by Flow. The company will collaborate with landlords to manage spaces in other buildings.
Flow recently announced it had started selling units at its 40-story Flow House in Miami, which includes 466 units and is scheduled to open next year. The property will also feature Workflow coworking spaces.
Earlier this year, Neumann attempted to regain control of WeWork as it emerged from bankruptcy, but the company was ultimately taken over by Yardi Systems in June.
Neumann emphasized to Bloomberg that feelings of isolation and lack of community are more significant now than they were when WeWork was founded.
WeWork’s rapid rise and dramatic fall stemmed from an aggressive expansion strategy and a fundamentally unsustainable business model based on long-term lease liabilities. Seemingly learning from this experience, Neumann’s approach with Workflow pivots toward integrating coworking within residential spaces — possibly spreading financial risk and reducing reliance on volatile leasing contracts.
Success of his new project will depend on maintaining financial discipline, a challenging prospect given his previous experiences.
