Also, it isn't just tiny startups that are using We Work. The article stated that 40% of their revenue comes from large enterprises. The money will be much slower to dry up for the large, established companies.
In a recession? Probably remote work. A small startup that's running into cashflow problems, and who has no dedicated office space -- coworking spaces seem like the first overhead expenditures to get cut.
-- Home offices for employees that can have one.
-- Move remote employees into corporate HQ or other existing offices, lay-off employees who refuse.
Individual contractors and small teams (<10) will likely go back to working from home or out of cafes.
Larger, enterprise teams will have more, and better, options and may cut expenses by downgrading to cheaper accommodations either via less "hip" direct competitors (Regus) or taking on cheap/discounted leases directly.