The Yard Picks Up US$15 Million in Credit
New York based coworking operator, The Yard, announced earlier this week that it has secured a US$15 million credit line to expand its coworking offering. The funds will be used to expand The Yard’s portfolio, which already boasts 9 locations in New York and Philadelphia. Currently, the coworking operator has five more locations under construction and hopes to hit a total of 5,000 members by the end of the year.
Servcorp Criticizes WeWork
In a recent article for the Financial Review, Servcorp criticized WeWork by claiming that the coworking giant is “more susceptible to market downturns” and also called it a “glorified hot-desking organisation with limited technology and a rudimental business model.” According to the AFR article, Servcorp’s critique comes as a response from WeWork expanding into the Melbourne market.
Check out Servcorp’s critique here
Chinese Coworking Operators Land Investment
The coworking market in Asia is getting more competitive than ever. This week, Beijing Xingpai Group led a RMB 800 million investment round for Chinese coworking operators UrWork and 5Lmeet. The continued interest of investors in the coworking industry is a clear indicator of the potential the industry holds in the Asia market.
