FlexIndex Update: Year in Review [2026]

FlexIndex is OfficeRnD’s quarterly benchmark of how coworking and flex spaces perform worldwide, built from anonymized data across thousands of locations. This page is the December 2022 edition, our year-in-review look back at how the market recovered from the pandemic. For the current numbers, jump to where the FlexIndex stands now.

2022 was turbulent in many ways for the world and for the flex space industry. The FlexIndex showed a growing market that reached and even surpassed the 2019 benchmark. The pandemic hit hard, and many coworking and flex space operators struggled to survive the economic pressure of the preceding years. By late 2022, the data showed the market had recovered.

A quick note on methodology before the numbers. This edition scored the market in “flex points” (fp) against a 2019 baseline across 5 KPIs. We’ve since changed how the FlexIndex works: it now tracks six KPIs (Desk Occupancy, Revenue Occupancy, Private Office Occupancy, RevPOD, RevPAD, and Price per Hour of Booking) across 3,500+ locations, without the 2019 benchmark framing. So read the December 2022 figures below as a historical snapshot, and see the current section for today’s benchmarks.

A summary of our most important observations

In November 2022, the index surpassed the 2019 benchmark and reached 5.1 fp (flex points). This was the first month the market showed a full recovery after the COVID-19 pandemic struck the industry. In September and October 2022 we were close to breaching the 2019 benchmark, with the FlexIndex scoring 4.9 fp in both months.

The drop in December 2022 was anticipated. At the end of the year the two desk-related KPIs, ‘Static Desk Occupancy’ and ‘Revenue per Available Workspace (RevPAD)’, tend to flatten. At the same time the bookings-related KPIs, ‘Average Booking Duration per Paid Meeting Space’, ‘Booking Revenue per Paid Meeting Space’ and ‘Bookings per Meeting Space’, drop sharply, driven by the holiday season. This booking dynamic pulled the FlexIndex down and closed 2022 at 4.4 fp (flex points).

As we expected in the previous FlexIndex update, for September to November 2022 we saw a positive surge in all of the bookings-related KPIs. We anticipated ‘Average Booking Duration per Paid Meeting Space’ to breach the baseline for a second time that year, and it did. Our forecast for ‘Booking Revenue per Paid Meeting Space’ was more conservative than reality. In November 2022, this KPI breached the 2019 benchmark for the first time, while we had forecast it to sit slightly below the 2019 baseline.

For Q1 2023 we expected the desk-related KPIs to stabilize slightly above the 2019 benchmark. We also expected ‘Average Booking Duration per Paid Meeting Space’ and ‘Booking Revenue per Paid Meeting Space’ to recover and pass the 2019 baseline after January 2023, while ‘Bookings per Meeting Space’ would stay under 2019 levels.

Based on that, we predicted the FlexIndex to recover to levels above the 2019 benchmark in Q1 2023, though not immediately in January.

Here are our most important findings about the 5 FlexIndex KPIs:

• ‘Static Desk Occupancy’ and ‘Revenue per Available Workspace (RevPAD)’ were consistently above the 2019 benchmark, keeping the FlexIndex at a relatively high level, with a slight cooling off at the end of 2022.
• ‘Static Desk Occupancy’ reached 4.5% above the 2019 benchmark and we expected the positive trend to continue. At the same time, ‘Revenue per Available Workspace (RevPAD)’ reached 8% above the baseline at the end of Q4.
• The closing gap between ‘Static Desk Occupancy’ and ‘Revenue per Available Workspace (RevPAD)’ is an indicator of balancing supply and demand for flex offices. Since October 2022, ‘Revenue per Available Workspace (RevPAD)’ had a higher value than ‘Static Desk Occupancy’. This was typical for pre-covid market dynamics.
• Because of the holidays, ‘Average Booking Duration per Paid Meeting Space’ and ‘Booking Revenue per Paid Meeting Space’ dropped sharply at the end of Q4 2022, to -19% and -18.6% below the 2019 benchmark. In November 2022, for the first time, both KPIs were above the 2019 baseline, at 4.7% and 3.3% respectively.
• The trends of those 2 KPIs were synchronizing and the gap between them was closing. As with the desk-related KPIs, this was typical for pre-covid market dynamics. It doesn’t mean supply and demand for meeting space were balanced. The overall bookings per meeting space stayed far below the 2019 benchmark.
• ‘Bookings per Meeting Space’ stabilized in November 2022 at 14.5% below the baseline. As the KPI most affected by holidays, it dropped in December 2022 to -38.9% below the 2019 benchmark.

For comparison, here’s the monthly dynamic of all index components against the 2019 baseline.

A closer look at the FlexIndex components

1. Static desk occupancy

‘Static Desk Occupancy’ reached 4.5% above the 2019 benchmark, close to the best months in the pre-covid period.

The cooling-off in November and December 2022 was a seasonal trend matching the pattern from previous years. We expected the positive trend to recover and stabilize slightly above the 2019 benchmark.

2. Revenue per available workspace (RevPAD)

As expected, ‘Revenue per Available Workspace (RevPAD)’ followed a similar pattern to our first KPI, but the downtrend was less visible. At the end of December 2022 this KPI was ~8% above the 2019 benchmark.

We also plotted the monthly dynamic of ‘Static Desk Occupancy’ and ‘RevPAD’ against the 2019 baseline to compare both metrics.

Both KPIs on the same chart reveal more. ‘RevPAD’ grew rapidly after Q1 2019, driven by higher demand for flex offices and the lower elasticity of supply. In April 2019 ‘RevPAD’ even rose above the ‘Desk Occupancy’ trend. This dynamic held until the lockdowns started.

Between April and September 2020, both KPIs synchronized. After that, ‘Static Desk Occupancy’ degradation slowed while the ‘RevPAD’ negative trend continued. This opened a gap between the two that was still present at the time of this index calculation.

The closing gap between ‘Static Desk Occupancy’ and ‘Revenue per Available Workspace (RevPAD)’ is an indicator of balancing supply and demand for flex offices. Since October 2022, ‘Revenue per Available Workspace (RevPAD)’ had a higher value than ‘Static Desk Occupancy’. This was typical for pre-covid market dynamics.

3. Bookings per meeting space

‘Bookings per Meeting Space’ was the KPI most heavily hit by the pandemic. There was a steep drop in March and April 2020, following the global lockdowns.

This KPI stabilized in November 2022 at 14.5% below the baseline. As the KPI most affected by holidays, it dropped in December 2022 to -38.9% below the 2019 benchmark.

In April 2020, this KPI was 82% below the 2019 benchmark, showing how easily this part of the flex office business can be affected by external factors. ‘Bookings per Meeting Space’ is an early signal for the health of operators’ business, but it’s heavily influenced by seasonal effects.

4. Average booking duration per paid meeting space

‘Average Booking Duration per Paid Meeting Space’ was also badly hit by the pandemic. This KPI bottomed out in March and April 2020 and recovered slowly.

As of March 2022, ‘Average Booking Duration per Paid Meeting Space’ was the first bookings-related KPI to reach and surpass the 2019 baseline, by 1.1%. In November 2022, we saw a higher value of 4.7% above the 2019 benchmark.

End-of-year seasonality pushed the ‘Average Booking Duration per Paid Meeting Space’ trend down, and in December 2022 it was again under the 2019 baseline, by 19%.

5. Booking revenue per paid meeting space

The final KPI, ‘Booking Revenue per Paid Space’, also recovered well during 2022. In November 2022 it breached the 2019 benchmark for the first time and scored 3.3% above the baseline.

As with the other bookings-related KPIs, the holiday season had a negative effect, and in December 2022 ‘Booking Revenue per Paid Space’ was 18.4% below the 2019 benchmark.

Before the pandemic, ‘Booking Revenue per Paid Meeting Space’ and ‘Paid Booking Duration per Paid Meeting Space’ had very similar tendencies compared to the 2019 monthly average rates. After May 2020, booking revenue deviated more from the benchmark. Since September 2021 the gap closed slightly, and it almost vanished in Q2 2022. From then on, the two KPIs synchronized. That didn’t mean supply and demand for meeting space were balanced. Overall bookings per meeting space stayed far below the 2019 benchmark.

Here’s the monthly dynamic of all booking components plotted against the 2019 baseline.

Where the FlexIndex stands now

Three years on, the story has changed from recovery to discipline. The most recent edition, the FlexIndex Q4 2025 Report, shows a market where demand is steady and margins are tighter, so revenue efficiency does more of the work than raw occupancy.

Here are the global Q4 2025 highlights (all regions), compared with Q1 2025:

• Revenue Occupancy: 74.49% (+0.06 pp)
• Desk Occupancy: 73.05% (+0.27 pp)
• Private Office Occupancy: 71.34% (+0.03 pp)
• RevPOD (revenue per occupied desk): $520.15 (+4.4%)
• RevPAD (revenue per available desk): $379.98 (+4.8%)
• Price per Hour of Booking: $44.38 (+8.9%)

Occupancy held in the low-to-mid 70s through 2025, while RevPAD and RevPOD climbed and hourly booking prices jumped into year-end. The market didn’t get much fuller. It got better at turning the same demand into revenue. That’s the takeaway heading into 2026: occupancy is no longer the finish line, and the operators who win are the ones running the business on revenue efficiency, consistent pricing, and clear product tiers.

The current FlexIndex is built on anonymized data from 3,500+ coworking and flex space locations and is updated every quarter, with global figures plus regional breakouts for the Americas, EMEA and UKI, and APAC.

OfficeRnD Flex is the coworking platform that captures the occupancy, pricing, and booking data behind these benchmarks, so operators can see exactly where their revenue isn’t keeping up with utilization.

Frequently asked questions

What is the OfficeRnD FlexIndex?

FlexIndex is a free quarterly report from OfficeRnD that benchmarks how coworking and flex spaces perform worldwide. It’s built on anonymized data from thousands of locations and tracks six KPIs: Desk Occupancy, Revenue Occupancy, Private Office Occupancy, RevPOD, RevPAD, and Price per Hour of Booking.

How did the FlexIndex look at the end of 2022?

In November 2022 the index reached 5.1 fp and surpassed the 2019 benchmark for the first time, marking a full recovery from the pandemic. The holiday season pulled it back down, and it closed 2022 at 4.4 fp. That edition scored the market in “flex points” against a 2019 baseline, a framing the current FlexIndex no longer uses.

What does the latest FlexIndex say about the market?

The Q4 2025 report shows steady demand and tighter margins. Global Revenue Occupancy sat at 74.49% and Desk Occupancy at 73.05%, both close to Q1 2025, while RevPAD rose to $379.98 (+4.8%) and Price per Hour of Booking jumped to $44.38 (+8.9%). Revenue efficiency, not occupancy, drove performance.

How many locations does the FlexIndex cover?

The current FlexIndex aggregates anonymized data from 3,500+ coworking and flex space locations globally, updated quarterly, with regional breakouts for the Americas, EMEA and UKI, and APAC.

How is the FlexIndex data collected?

Data is aggregated from active coworking locations worldwide. It excludes canceled and free bookings, unrealistic booking durations, and zero or negative pricing, and it standardizes all financial metrics into USD for consistent global comparison.

To get the latest report every quarter, download the current FlexIndex here, and for more relevant content follow our LinkedIn page.