Is the co-working industry heading for a price war?
The Yard slashed the rent for a desk to $20.18 per month for the remainder of the year, down from the usual $670 to $1,000, Crain’s reported.
The move comes mere weeks after news broke that WeWork is offering tenants that switch over from other coworking companies 50 percent off their first year’s rent. The company is also offering a 100-percent commission to brokers who bring them in. Last year, WeWork offered a year’s free rent to some new tenants.
The Yard’s price cut only applies to new tenants who sign up this month and commit for at least a year.
“We do need to make some noise sometimes,” the company’s co-founder Morris 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.” [Crain’s] — Konrad Putzier