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I think your math depends on all the office space being occupied (so that $total_customers == $office_space). Maybe that's what GP is pointing out.

That doesn't really affect your original point though.

Ah, you are correct. I think it actually strengthens my point, right?

If Softbank is renting 20% of space, and less than 100% of space is rented, then they count for more than 20% of the customer base being institutional.

Sounds right to me!

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