Real estate reality check: The startup shutdown you never see coming

San Diego dweller Felena Hanson had seen them in New York, San Francisco and Los Angeles: the growing number of entrepreneurs, techies and startup cohorts working under the same roof — often in the same room — without the same boss.

They called them “co-working spaces,” and the milieu was hip: graffiti art on the walls, foosball tables in the communal areas, beer in the fridge, all-nighter hack-a-thons on the calendar.

The spaces didn’t explicitly target male 20-somethings hoping to build…