WeWork looked like a tech rocketship. The reality was real estate, lease risk, and a world-class story.
In this episode, Matt speaks with Alex Paessler, former senior exec at WeWork and founder of Vallist, a premium flexible workspace operator built on landlord partnerships (management agreements, not long lease liabilities).
Alex breaks down what it was like working in the WeWork machine: expansion pressure, why “scale at all costs” led to bad deals, how landlords were pushed into paying for fit-outs, and why the model got exposed when the market turned.
You’ll also hear where he thinks the office market is heading next: hybrid work, a “flight to quality”, landlords offering shorter, fully fitted space, and operators shifting toward hospitality-led tenant experience (concierge, booking tech, amenities) rather than pure lease arbitrage.
Timestamps:
0:00 Intro + why this matters now
2:21 How Alex got into serviced offices
5:10 Coworking economics: rent multiples + margin compression
7:25 Joining WeWork + launching Asia
11:54 “I knew it wouldn’t last” + scale pressure
18:17 Franchising to exit markets (China/India/LatAm)
25:27 Lease exits + landlord negotiations
37:29 Vallist model: management agreement vs lease risk
42:54 The future: hybrid, flexible space, flight to quality
46:20 Where to find Alex + Vallist
Follow Alex:
LinkedIn: https://www.linkedin.com/in/alexpaessler/
Website: https://vallist.com/
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Connect with Matt Haycox, No BS Business Podcast Host & 8-Figure Entrepreneur.
I’m Matt Haycox, entrepreneur, investor, and your straight-talking guide to building a business that actually works. I’ve raised over £750M, built (and rebuilt) 8-figure companies, and learned the hard way what it really takes to win.
On No Bollocks with Matt Haycox, I cut through the bollocks to bring you raw conversations with 7–8 figure founders, investors, and experts who’ve been there, done it, and got the scars to prove it. No hype, no theory, just actionable strategies you can use today to start, grow, and scale your business.
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