I have a hard time understanding why you would not compare this to real-estate. Its certainly not a brand or tech play. If the market slowed it would certainly take a hit. Most of these places have monthly contracts and its highly tied to how well the economy is doing.

With that said, I really do appreciate the services these kinds of places offer. While they charge above market rate for sq.ft., they make up for it in services. I do not have to worry about anything within the office and can simply work. They usually have amazing internet, some free coffee/drinks and cater towards keeping me being productive. They offer nice community benefits as well.