Swedish Castellum’s Coworking Arm United Spaces Keeps Revenues Stable in 2024 at €23 Mio

The Swedish Real Estate company Castellum reported coworking revenues of approximately €23 million in 2024, stable from €23.1 million recorded in 2023, highlighting resilience in the flexible workspace market despite economic fluctuations, according to the company results.

Operating under the United Spaces brand, Castellum manages 10 coworking locations across key cities, including Stockholm, Gothenburg, Malmö, and Arlanda Airport.

United Spaces – purchased in 2019 by Castellum for €19 Mio – is among the most important flexible workspace operators in the Nordic region.

Profitability stayed in the red, though. United Space recorded a negative operating result of -€1.7 million in 2024, an improvement from -€2.7 million in 2023. “Costs associated with the coworking segment were €24.6 million in 2024, down from €25.7 million in 2023, showing effective cost optimization”, comments the Castellum report.

Coworking represents about 2.7% of Castellum’s total annual revenues (€850 million in 2024). Although it is a relatively small portion, coworking plays a strategic role in the company’s overall business model by diversifying income streams and reducing dependency on traditional office leasing. Castellum is one of the biggest Office property owner in Sweden.

Castellum’s leadership emphasizes that coworking remains relevant in their business strategy as it meets the growing demand for flexible workspaces, particularly among freelancers, startups, and corporate clients seeking hybrid work solutions.

Pic source: United Space website