FlexIndex

Brought by:

Onnik Shahinyan

Data Analyst Lead

The coworking and 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+ coworking and flex spaces worldwide. Click below to download the report for Q1 2023.

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FlexIndex Q1 2023

What is FlexIndex?

The FlexIndex is a composite index, that provides visibility into the coworking and 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 (RevPAD)
  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

  • Despite the global dynamics, both ‘Static Desk Occupancy’ and ‘RevPAD’ are still above the 2019 benchmark.
  • The decrease in ‘Static Desk Occupancy’ usually occurs in March, but in 2023 it happened in January.
  • ‘Revenue per Available Workspace’ closed March 2023 at 1.9% above the 2019 benchmark.
  • ‘Av. Booking Duration per Paid Meeting Space’ and ‘Booking Revenue per Paid Meeting Space’ are above the benchmark with 6.5% and 6.2%.
  • The ‘Bookings per Meeting Space’ has increased in March 2023 but it’s still 10% below the benchmark set in 2019.
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flexindex observator