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According to media reports, Adam Neumann, the original maestro of mayhem behind WeWork, is eyeing a comeback that could either be a sequel to a box-office bomb or the redemption arc we never knew we needed.

In a quote Peter the Intern couldn’t corroborate, the former WeWork founder reportedly said about his possible return in a bond-villain style German accent: “Come on guys, I’m a neu-mann!”

So, will this be a Steve Jobs-style return to glory? Or another flop? Let's dive into the drama…

The Story: Adam Neumann, known for his... let's call it "unique" leadership style (and affinity for working sans shoes), is attempting to waltz back into the WeWork saga. The twist? He's looking to buy back the company that showed him the door five years ago. But there's a catch - WeWork, currently navigating the choppy waters of bankruptcy, isn't exactly rolling out the red carpet for him.

Neumann, through his new venture Flow Global, has been batting eyes at WeWork since December, even dangling a $1 billion carrot back in October 2022. His efforts? A letter filled with accusations against WeWork's execs for playing hard to get.

In response, WeWork's playing it cool, suggesting they're the belle of the ball with plenty of suitors and don't need to jump at the first proposal. Classic move.

Drawing parallels to Steve Jobs' heroic return to Apple, Neumann seems to think he's ready for his second act. But let's not forget, before his unceremonious exit, Neumann's reign included more than just free beer and fancy footwork; it featured lavish spending, eyebrow-raising governance, and a valuation bubble that spectacularly burst pre-IPO.

But Wait, There's More! Despite the past, Neumann's not just eyeing WeWork's office spaces; he's also got dreams of dominating your living spaces. With a hefty $350 million boost from Andreessen Horowitz for Flow, Neumann's grand vision of "elevating the world's consciousness" seems unabated.

Looking Ahead: As WeWork wades through bankruptcy, aiming to shed about $3 billion in leases, Neumann's quest for a comeback adds another layer of drama to an already tumultuous tale. Will he manage to steer WeWork back to glory, or is this just a case of wishful thinking?

Either way, this unfolding drama has implications for billions in commercial assets such as office spaces. Don’t forget WeWork used to be NYC’s largest corporate tenant.

If WeWork can ReWork itself and rightsize its product and structural ownership issues, this could be a rebirth for co-working and office assets worldwide.

Deflation problem: Consumer prices in China fell for the 4th straight month in January, falling 0.8% year-over-year. This is the largest decline since 2009. Producer prices, which fell every month in 2023, declined again in January as companies slashed prices in hopes of finding buyers. This means China’s deflation problem is worsening amidst an even bigger problem in the property sector. (WSJ)

That’s because: In 2023, the United States imported more goods from Mexico than China for the first time in 20 years, marking a significant shift in global trade patterns. This change was driven by factors such as the pandemic's impact on global supply chains, rising shipping costs from China, and ongoing trade tensions between the US and China. US imports from China dropped 20% to $427.2 billion, while Mexican exports to the US remained steady at $475.6 billion. (NYT)

Banking on a 'manageable' real estate mess: Federal Reserve Chair Jerome Powell predicts more small banks will close or merge due to commercial real estate weaknesses but considers the problem manageable. This follows a 38% drop in New York Community Bancorp's stock after it reported a surprise quarterly loss and stockpiled millions for future loan losses related to commercial real estate. Smaller banks are more vulnerable as commercial real estate loans account for 44% of their total credit, compared to 13% for banks with over $100 billion in assets. (Yahoo!)

⬇️ 2.5%: The National Association of Realtors (NAR) is experiencing a continued decline in membership, with a 2.5% drop in January 2024 to 1,515,837 members, marking a 2.1% decrease from the previous year. This is the third consecutive month of membership decline, with the lowest level since May 2021. Since October 2022, when membership peaked at 1.6 million, there has been a 5.3% decline. Despite this, the loss of 85,049 agents between October 2022 and January 2024 is significantly less than the 400,000-agent drop between 2008 and 2012. NAR's chief economist, Lawrence Yun, anticipates further losses through 2025 due to reduced business opportunities. (HousingWire)

⬆️ $50 billion: In the fourth quarter of 2023, credit card debt in the United States rose by $50 billion, reaching a total of $1.13 trillion, a 4.6% increase from the previous quarter and the highest since at least 2003, according to the New York Federal Reserve. The total household debt also increased by $212 billion, totaling $17.5 trillion. Auto loan balances rose by $12 billion to $1.61 trillion, and 3.1% of outstanding debt was in some stage of delinquency by the end of December. About 8.5% of annualized credit card balances and 7.7% of annualized auto loan balances transitioned into delinquency by the end of the quarter. Mortgage loan balances increased by $112 billion to $12.25 trillion, and home equity lines of credit jumped by $11 billion. (Hill)

Chart: New construction now makes up a larger portion of the housing market as more homes are being built and fewer individuals are selling them. Builders are offering discounts to attract buyers, but prices have also increased. In the fourth quarter, 31.8% of single-family homes for sale were new construction, matching the previous year's record high of 31.9%. (Redfin)

Paid babymaking: Well, that’s one way to get people back into the office. The South Korean construction firm, Booyoung Group, plans to pay its employees 100 million Korean won ($75,000 USD) each time they have a baby, in an effort to combat the country's low birth rate, which is the world's lowest at 0.78 in 2022 and expected to drop to 0.65 by 2025. Employees with three babies will have the option to receive 300 million Korean won ($225,000 USD) in cash or rental housing. Similar programs exist in China, where the population has declined for years. (CNN)