Pre-opening location expenses $350MM
Growth and new market development expenses $475MM
Sales and marketing expenses $370MM
I think it makes little sense to express Sales & Marketing expense as a percentage of Net Income...
You could express it in terms of New Revenue Growth, to get a feel for customer acquisition cost, and then look at churn to get a feel for lifetime value and payback periods... if you wanted to analyze them like a "SaaS" type business.
I don't think SaaS is at all relevant. Typical SaaS gross margins are upwards of 60%. WeWork's gross margins are under 10%.
Edit: found a source that states "5% of broker’s cut is standard" for commercial real estate marketing expenses, with a broker getting about half of the commission which is around 2.5%. Even if you went with 10% of a 10% commission rate that would only be 1% of the total.