FlexIndex April 2022 Update: Flex Space Occupancy and RevPAD Keep Growing

Today, we’re releasing our monthly FlexIndex update, with data for April 2022!

Let’s jump in and see how the flex space industry performed over the last month.

FlexIndex Overview

In April 2022, the FlexIndex regressed to 4.4 fp (flex points).

On the surface, this looks like a major drop compared to the 4.8 fp in March 2022. However, the decline was expected due to the seasonality of the three booking-related KPIs. In our previous FlexIndex report (which you can download here) we said that the Easter holidays have a strong impact on bookings, so booking-related KPIs will likely be affected by the Easter celebrations.

The good news is that Static Desk Occupancy’s positive trend continues, as this KPI has now remained above the 2019 benchmark for 6 months in a row. In April, the second desk-related KPI — Revenue per Available Workspace (RevPAD) — breached the 2019 benchmark as well.

The 5 FlexIndex Components (KPIs)

Here’s a breakdown of the 5 FlexIndex components in April 2022:

1. Static Desk Occupancy, the first KPI to fully recover after the Global Pandemic, closed the month +3.5% over the baseline.

2. Revenue per Available Workspace (RevPAD) kept its positive recovery trend and, as of April 2022, is 1.5% above the 2019 benchmark.

Note: The data comes exclusively from active OfficeRnD clients at the moment of the index calculation. This could lead to minor discrepancies between the monthly FlexIndex updates but the data trends and conclusions are the same.

3. The Bookings per Meeting Space KPI dropped compared to March (due to the Easter holidays) and closed April 2022 with a ~26% gap to the 2019 benchmark.

4. The second booking KPI — Average Booking Duration per Paid Meeting Space — followed the same pattern as the previous one and is under the 2019 benchmark by ~14.7%.

5. For the final booking KPI — Booking Revenue per Paid Meeting Space — the end of April 2022 saw a ~20% finish below the 2019 benchmark.

For comparison, here’s a chart of all 3 Booking KPIs:

And a chart of all 5 FlexIndex components:

As you can see, the 2 desk-related KPIs have been trending in the right direction for months and are now above the 2019 benchmark, which is a great sign. And while the booking KPIs regressed, their decline was expected, as we’ve seen the same pattern in previous years during the Easter holidays. We’ll monitor their recovery carefully over the following months.

On that note, you can sign up here to receive monthly FlexIndex updates via email and follow us on social media to stay up to date with our latest findings.