Here's why Adam Neumann's mysterious billion dollar real estate startup will go head-to-head with WeWork
- Adam Neumann said Flow would either "compete or partner" with WeWork.
- From what I could tell after visiting its first building, Flow doesn't need WeWork.
When I walked into the lobby of Society Las Olas, an Adam Neumann-owned apartment building in Fort Lauderdale, Florida, I felt like I was entering a WeWork. There were playful neon signs on the wall ("Choose Happiness"), colorful midcentury-modern furniture, soft lighting, and lush greenery.
I had come here to try to better understand Neumann's secretive new residential real estate startup, Flow.
Last month, Neumann's people agreed to let me tour Society Las Olas, which will officially be Flow's first building come early next year. They also arranged interviews with staff and residents.
At a conference in July, Neumann, who cofounded WeWork in 2010, said Flow would either "compete or partner" with his former company. Since WeWork last month filed for bankruptcy protection, there's been speculation Neumann could buy it back.
From what I could tell, Flow doesn't need WeWork. Firstly, Neumann's noncompete agreement expired at the end of October. Secondly, if you're using Flow's own coworking space, there'd be no reason to also pay hundreds of dollars a month for a WeWork subscription, especially when more people are working from home and gig employment is increasingly popular.
And lastly, Flow is putting a huge emphasis on commerce and professional networking that residents I spoke to say has been helpful in growing their businesses.
"The ability to network with a lot of different people through the building has given me the opportunity to gain a lot more clients," said Matthew Sorrentino, a young life-insurance broker. "I'm in a relationship industry."
There are regular "demo days" for residents and guests to showcase their businesses or anything else they want to present on, like financial wellness or the history of wine.
On so-called Community Commerce digital message boards in the lobby, residents can advertise services such as car detailing or mental-health counseling.
Tara Carter, who's a real-estate agent, says she's generated so much business from living in the building that she's "able to essentially almost live for free."