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FlexIndex

Brought by:

Onnik Shahinyan

Data Analyst Lead

The flex space industry has been on a huge roller coaster – from 2019’s all-time highs to the massive drop in early 2020 and the steady recovery since.

These swings inspired us to create FlexIndex: a novel composite index that tracks the industry’s global trends.

Our data team’s FlexIndex report is also packed with insights, based on data from 1000+ flex spaces worldwide. Click below to download the second edition, updated with December 2021 data.

What is FlexIndex?

The FlexIndex is a novel composite index, that provides visibility into the flex space industry’s health, post-lockdown recovery, and global trends. The index is comprised of 5 components (or KPIs), which represent critical business aspects of both small and large flex operators.
  1. Static Desk Occupancy
  2. Revenue per Available Workspace (RevPAW)
  3. Bookings per Meeting Space
  4. Average Booking Duration per Paid Meeting Space
  5. Booking Revenue per Paid Meeting Space

Methodology

Each KPI is reported as an indexed value using the 2019 average monthly rates as a baseline valued at 100. For easier interpretation of the index, each KPI has a value of 1 based on the 2019 benchmark. This gives us a value of 5 as a baseline.

Main observations

  • In 2019, the flex space industry was booming, especially during the second half
  • As of December 2021, the flex space market is still 22% below the 2019 benchmark
  • Of all five KPIs, Static Desk Occupancy was the least affected by the pandemic
  • RevPAW (-9%) and Booking Revenue per Meeting Space (-32%) are still below the 2019 baseline
  • All three Booking KPIs were hit the hardest by the pandemic, up to 82% below the 2019 benchmark