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.
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.