I think you're drastically underestimating how hard it is to start a co-working space. Why would anyone want to work at your unheard of space instead of WeWork? How are you possibly going to attract people at even half their prices?
Why would anyone want to work at WeWork at twice the price?
Network of people working there, perks, quality, brand. Why do people do anything for twice the price?
People just want a nice place to work at a decent price. There is no brand loyalty in this space. If someone has a nice product next door people will move. Same as Uber vs Lyft. Nobody cares what logo is on the car.
Perks and quality are replicable if they are critical and I’m not sure brand is worth anything at all.
The way the brand and scale turns into a moat and/or pricing power is through lower customer acquisition costs than less notable competitors. If everybody who wants shared office space googles WeWork to find it, it's going to be an uphill battle for other operators to get noticed.
Brand loyalty is fickle. Back in the day you could get everything from the Sears catalog and now we all buy from Amazon as Sears trudges through bankruptcy.