The tenants who want to stay in the building aren't going to be paying the same private equity subsidized prices that WeWork were. I'd imagine in some markets wework is such a big customer now that their collapse would cause massive repercussions.
In a default scenario, the temptation for the building owners and ultimate tenants to cut bilateral deals and screw over the middle man (WeWork) would be huge. For the owner it's win-win - they keep cashflow coming in and if the deal remains short term then they can replace the tenant with someone who will sign a longer-term lease once markets recover fairly easily.
