Watch this workspace

The concept of the shared office space is hardly revolutionary, but Wework has somehow managed to take the idea, sprinkle it with new-age disruptive fairy dust and transform it into a valuation that has seasoned sector watchers scratching their heads in bewilderment.

Japan’s Softbank stuck a further $1bn into the company last week at a valuation of $20bn, but this could rise to a cheeky $35bn if a mooted investment by the Saudi Arabian-backed Vision Fund gets off the ground.

These are punchy numbers given that the company lost $723m in the first half of the year, a hiccup it attributes to the timing mismatch between when it incurs costs to renovate a property and when the property opens for business.

It is clear that the company’s product is hitting the spot with its target market: occupancy rates are up at

84% from 74% a year earlier, even while it is opening new properties as fast as it can get its mitts on them.

The company’s website constantly emphasises that it offers not just an office space with free drinks, but a workspace offering community and services — for a global network of creators, no less. And did anyone mention free micro-roasted coffee and all the fruit water your tongue can handle?

It’s a constant whirl of events, networking and wellness sessions, with savings negotiated on everything from health care and HR solutions to payment processing and shipping, all with a funky aesthetic and as much innovative facial hair as you could possibly desire. Wework is absolutely a product of its time, and it’s thriving.

Did anyone mention free microroasted coffee and all the fruit water your tongue can handle?