(Corrects spelling to Zach in paragaph 7)

By Herbert Lash

NEW YORK, May 10 (Reuters) – WeWork’s $47 billion valuation as it heads toward what may be the year’s largest initial public offering after ride-hailing firm Uber has made the flexible office space start-up the envy of landlords and the target of skeptics at a time when rents have barely kept pace with inflation.

To commercial real estate’s old guard, many of whose stock prices have gone sideways or worse for half a decade, WeWork – the main unit of recently renamed The We Company – is a disruptor leading the charge toward the shrinking of workspace with a business model unhindered by property ownership.

To its doubters, WeWork is another unprofitable unicorn they question