Coworking is Reshaping the Whole EU Office Market, Beyond the Flex Sector Itself, Driven by Local Players

The coworking sector is not just growing, it’s becoming a defining force within the commercial real estate market across EMEA, says the new “Flexpansion” EMEA report by the international Real Estate services company Colliers.

The study shows that flexible office models are increasingly driving structural changes in how office space is developed, operated, and occupied, particularly as hybrid work reshapes organizational needs.

From 2010 to 2024, the number of flexible workspace units across EMEA (Europe, Middle-East, Africa) tripled, growing from 1,450 to 4,358. Over the same period, the total surface area occupied by flexible providers rose by more than 6.3 million m2, now totaling over 8.3 million m2. As a share of the overall office market, flex space has increased from 0.7% to 2.4%, in the overall EMEA region.

In 2024 alone, the region saw 283 new flex workspace openings—adding nearly 550,000 m2—while only 80 sites closed, marking a 15% drop in closures compared to 2023. The trend toward smaller, more targeted spaces is evident, says Colliers: newly opened locations were on average 23% smaller than those that closed, a gap reduced to 10% when excluding WeWork’s retrenchment.

While London, Paris, and Berlin maintain the largest flex footprints, smaller cities are showing rapid uptake. Riga, Tallinn, Ljubljana, and Leeds were among the fastest-growing flex markets in 2024. The report identifies Leeds, Barcelona, and Copenhagen as the most active in terms of flex providers’ share of new office take-up.

Of the 82 new operators that entered the market last year, most are local. By the end of 2024, there were 1,859 flex space providers active in EMEA, with 72% operating in a single market. Only 4% have multi-country reach, underscoring the importance of local expertise and entrepreneurship in the segment’s expansion.

Cities like Sofia (8.3%), Copenhagen (6.9%), and Manchester (6.7%) lead in terms of flex market penetration—measured as a share of total office stock.

Another notable trend, writes Colliers, is the shift back toward city centers: 47% of new openings in 2024 were in prime urban locations, up from 34% in 2023. This shift highlights occupiers’ renewed preference for well-connected, high-amenity urban environments.

Meanwhile, the concept of “flexible workspace” is evolving. In mature markets, demand is increasingly driven by corporate needs—particularly for managed office solutions that provide privacy, customization, and flexibility without long-term leases. This segmentation is pushing operators to cater to different market segments, from boutique coworking spaces to enterprise-ready locations.

The coworking model is also breathing new life into historic real estate.

According to Colliers, Landlords are increasingly integrating flex into new developments. Since 2020, 311 landlord-led flex sites have opened in EMEA, totaling more than 600,000 m2. In 2024, 72 such sites were launched.

With hybrid work now the norm, limited availability of new high-quality office space, and high construction costs, the demand for agile and premium flex solutions is expected to remain strong. The report suggests that coworking will continue to play a central role in the evolution of office markets, offering scalable, service-oriented environments that appeal to both corporate and independent users alike.

As coworking operators respond to these changes, their influence now extends well beyond niche or startup communities. They are actively redefining how space is delivered, managed, and experienced—reshaping the future of work across the EMEA region, concludes Colliers’ report.

Download the full report here