IOFFICE grows 30% and rebrands as United Spaces, becoming the leading Swedish operator
Sweden’s flexible workspace operator IOFFICE closed 2025 with revenues of SEK 293 million (approximately €26 million), marking a 30% year-on-year increase. The growth was driven by strong demand, with occupancy rates reaching around 90%, according to CEO Homan Tehrani.
In November 2025, IOFFICE acquired rival operator United Spaces. Its revenue figures are not yet included in the consolidated 2025 results, meaning the reported performance reflects organic growth only.
“When I listen to the market, I notice that it sounds different now than it did just a year ago. This could be due to a positive swing in the economy, but perhaps the most likely explanation is that more and more companies realise they get greater benefits from office hotels and coworking than from renting their own office space,” said Tehrani in the company announcement.
Following the acquisition of United Spaces, the combined group operates 18 locations across four Swedish cities, including 14 in Stockholm, two in Gothenburg, and one each in Malmö and Örebro. Total leasable area has increased to 65,700 sqm, up from IOFFICE’s standalone 35,200 sqm prior to the deal.
The merger brings together two established brands. IOFFICE, founded in Stockholm in 2007, built its offering around premium serviced offices. United Spaces, previously owned by Castellum, developed a concept focused on community and design-led workspaces. The group will complete its brand consolidation in April 2026, adopting the United Spaces name and unifying all IOFFICE locations under a single brand.
The transaction reflects a broader consolidation trend in the Nordic flexible workspace market, as operators scale to meet demand from corporates adopting hybrid work and seeking flexible lease structures. With 65,700 sqm across 18 locations, the enlarged United Spaces ranks among the largest independent flex workspace operators in Scandinavia.
Homan Tehrani, CEO of IOFFICE, was also a speaker at the Coworking Europe 2025 conference in Berlin.
Pic Source: unitedspaces.com
