You Can Now Rent a Desk at This Coworking Space for Just $20.18 a Month
The Yard’s Center City hub is offering the shockingly low membership price for the rest of 2018. Here’s why.
If you’ve been on the fence about joining a coworking space in Philadelphia, now might be your best chance to test one out for a freakishly low price. The Yard just launched a new program that offers membership for only $20.18 per desk, per month for the rest of 2018.
But there is a catch: To pay that price through December 31, 2018, new members will have to sign up by October 1, 2018 and will have to make a one-year commitment to The Yard.
The company says its approach is how its distancing itself from players in the industry that are getting too expensive.
“Our members value the community, design and personalized service we offer, and our pricing has always reflected that,” said Morris Levy, CEO and co-founder of The Yard in a statement. “However, other players in the coworking industry are prioritizing price over helping businesses choose their optimal workspace and community.”
And instead of poaching members from other coworking spaces or price gouging the market, The Yard says it’s offering the limited opportunity for potential long-term customers to organically explore.
The fee to rent out space at The Yard is typically more than 15 times the $20.18 new members will have to pay each month for the rest of the year. According to The Yards’ website, open coworking starts at $350 per month, a dedicated desk costs members at least $400 each month, and a private office costs at least $650 each month. The coworking space’s biggest offering is a six-desk private office, which starts at $3,000 each month.
Plus, the co-working chain says the new program is an easy way for companies to prepare for new Financial Accounting Standards Board requirements coming into effect next year that require businesses to recognize the full term value of leases greater than 12 months as both an asset and liability on balance sheets.
“The Yard’s members will be able to avoid the potentially negative impact of the new FASB reporting standards through their flexible, month-to-month membership agreements,” Levy said.
“With our member teams ranging from solo entrepreneurs to companies with more than 200 employees, we expect to see a continued interest in more amenable solutions to long-term leases that could negatively impact a business’s investment prospects.”
To find out more about The Yard and its limited offer, click here.