With Wework in the mire but demand for shared offices returning, analysts at Berenberg are betting that IWG will have the last laugh. "Irrational, loss-making" competitors such as Wework will "either disappear, or declare bankruptcy, or restructure and shrink materially" because of Covid-19, they said. IWG, meanwhile, will recover to pre-pandemic levels of profitability as soon as next year, thanks in part to successful site closures and cost-cutting, they predicted.