The Spanish Flex/Coworking Market Generates Close to Half a Billion Euros in Annual Revenue
Spain’s professional coworking and flexible office market generates an estimated €427 million in annual revenue, according to the latest State of Coworking in Spain report published by Coworking Spain. The figure is one of the first attempts to quantify the total economic scale of the sector and highlights its growing importance within the country’s commercial real estate landscape.
The report estimates that Spain’s 14 largest coworking and flexible office operators generate approximately €300 million in annual revenue. The calculation is based on a combined portfolio of 608,430 sqm and an average revenue assumption of €350 per sqm per year. The remainder of the market contributes an estimated €127 million annually, based on around 52,925 users and an average monthly fee of €175 per person.
According to Coworking Spain, the figure should be regarded as an estimate based on the publication’s own methodology rather than audited financial results from individual operators. Nevertheless, it provides an indication of the sector’s overall economic scale and maturity.
The revenue distribution also illustrates the increasing concentration of the Spanish flexible workspace market. The report estimates that 70% of the sector’s value is generated by just 14 operators, while the remaining 30% is shared among several hundred smaller providers across the country.
The market is increasingly concentrated around a group of large operators, including IWG (31,5%*), Aticco (14,2%*), WeWork (9,6%*) Utopicus (6,5%*), Monday (6,2%*), Loom (5,8%*), Agartha RE (5,5%*), Cloudworks (4,8%*) and 6 more, which together account for a significant share of Spain’s flexible workspace inventory and revenue.
* Share of the combined estimated annual revenue of the 14 largest coworking and flex office operators in Spain.
The report identifies a growing divide between large-scale flexible office operators and independent coworking businesses. Major brands such as IWG, Loom, Utopicus, Aticco and Monday continue to expand their footprint, particularly in Madrid and Barcelona, which remain the country’s dominant flexible workspace markets. Large operators increasingly serve corporate clients and larger occupiers, while many independent coworking providers focus on freelancers, entrepreneurs and local business communities.
Beyond revenue estimates, the report highlights the continued professionalisation of the sector. Coworking is increasingly positioned alongside other established commercial real estate asset classes, with greater investor interest, larger portfolios and a growing emphasis on scale.
The State of Coworking in Spain report focuses primarily on market structure, operator scale and geographic distribution. It analyses the country’s largest operators, their portfolios and expansion activity, providing one of the most comprehensive overviews of the Spanish coworking and flexible office market currently available.
The estimate also supports findings from the recent “Radiografía del Sector del Coworking y Oficinas Flexibles 2025” report by the Spanish Coworking Association (ACW) and JLL, which identified a maturing market increasingly driven by larger operators, corporate demand and professional management structures.
The findings underline the scale reached by a market that has evolved from a predominantly freelancer-focused workspace model into a broader flexible office industry serving companies of all sizes.
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