The interior of The Yard’s new Philadelphia location near East Market
If you’re a coworking provider not named WeWork, it can be tough to establish a brand in the crowd of companies operating in the WeShadow.
That is why The Yard, a Manhattan-based operator that also has locations in Washington, D.C., Philadelphia and Boston, is offering a hefty discount: offices for $20.18 a month until the end of 2018 if a company signs a lease for a year or more, Crain’s New York Business reports.
The discount applies to The Yard’s 11 Manhattan and Brooklyn locations, and CEO Morris Levy said it is his way of making companies looking at space with his competitors, particularly WeWork, take notice.
“We do need to make some noise sometimes,” Levy told Crain’s. “Every single one of our members has heard of our competition. I can’t say that every one of our competitors’ members has heard of us because we’re the small guy.”
WeWork, which has considerable scale and continues to add to it — the company signed four leases in Midtown South in August alone, according to Colliers International’s latest report — has offered incentives like a year of free rent on a two-year lease and buying out members’ existing leases. WeWork’s $21B valuation has allowed it to grow exponentially faster than its competitors, beyond what its revenues would typically allow; it reported a nearly $1B loss in Q1 2018 alone.
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