The market for flexible office spaces in Spain is solidifying, driven by greater use by corporate clients in their pursuit of hybrid work strategies and corporate cost optimization, according to the report “Radiography of the Coworking and Flexible Office Sector in Spain” produced by JLL and the Spanish Coworking Association (ACW). Survey results show a polarized market where large urban operators are consolidating their dominance over smaller spaces in secondary markets.
The study, based on a sample of 181 spaces and more than 304,000 m² spread across 20 cities, confirms that the sector begins 2026 from a solid position, with widespread optimism but increasing segmentation. While 58.8% of Tier 4 operators —those with spaces over 2,000 m² in central areas of Madrid and Barcelona— plan to open new centers or expand their flexible offering, mid-sized operators show more prudence. In fact, 63% of those with less than 500 m² in secondary cities (Tier 1) do not foresee growth, and this figure rises to 83% among those operating in the same cities with more than 500 m² (Tier 2). Additionally, 67% of flexible operators with less than 2,000 m² in Madrid and Barcelona (Tier 3) also have no intention of expanding their portfolio.
Coworking, a common solution for work
Adriana Gorri, Leasing Advisory Director at JLL Spain, notes that “the high occupancy levels in both Madrid and Barcelona confirm that the coworking model has ceased to be an alternative and has become a standard solution for companies. In an environment where efficiency is key, flexible spaces allow companies to avoid rigid commitments and high upfront costs, adapting in real time to market needs. Thus, the sector is evolving toward professionalization and scale, with large operators capturing premium urban segments while smaller players struggle to achieve profitability in secondary markets.”
Eduardo Salsamendi, president of ACW: “The results of the report highlight the optimism that prevails in the sector, which has consolidated and is moving toward maturity. More and more companies and large national and international firms are opting to incorporate flexible spaces into their business strategy, betting on using this model in cities like Valencia, Málaga or Alicante, where coworking supply is growing exponentially.”
Revenue rises, managed offices grow, and hot desking declines
The market for flexible spaces is forecast to post solid revenue growth in 2026, with an estimated year-over-year increase of +15.8%. This positive trend is broadly evident across all segments. Taken together, the figures depict a robust and sustained growth outlook for the coming year.
One of the most notable trends is greater involvement by property owners in asset management, with the aim of exerting tighter control over the end-user experience and optimizing the profitability of their buildings. This movement is closely linked to the rise of managed offices, a model that is gaining increasing prominence relative to traditional coworking.
Regarding demanded services, private offices have solidified as the dominant space type within the flexible market. They currently account for 54% of total space and generate 75% of revenue among large operators (Tier-4), up from 65% in 2023. They also maintain a stable occupancy around 80%, making them the only product with sustained profitability; in prime Madrid and Barcelona locations, 77% of these spaces even exceed that level. Moreover, they are a nearly universal service, present in 95% of operators.
In contrast, the hot desking model clearly loses relevance. The offering has fallen notably, available in 87% of operators in 2023 to just 53% in 2025. Its occupancy has also declined, from 65% to 50%, and its share of revenues is smaller: nearly two-thirds of large operators derive less than 10% of their revenue from this modality. Only 29.4% achieve occupancy levels near 80%, indicating it works in very specific locations. Taken together, the Spanish market is shifting away from traditional coworking toward a model centered on private offices, with greater privacy and added value, relegating the flexible position to a secondary or complementary option.
On the other hand, the report analyzes new usage patterns derived from hybrid work in a context where operational flexibility has transformed how spaces are occupied. In this regard, Tuesdays and Wednesdays are the days with the highest operational pressure: peaking at 31% and 29% respectively in the highest occupancy band (81–100%). For the 61%–80% occupancy threshold, 44% of respondents report this occupancy level on Wednesdays, while on Thursdays the figure rises to 49%.
A stock of more than 600,000 m2 in Spain
The market for flexible spaces already accounts for 3% of the total office stock in Madrid and Barcelona, with 327,628 m² and 295,355 m² respectively, and an average occupancy above 80% among larger operators.
Both Madrid and Barcelona have surpassed 80% occupancy—84% on average in Madrid and 81% in Barcelona—in their flex assets, and operator leasing grew to 40,000 m² in 2025. This solid market performance reflects the rising demand from both large corporations and SMEs, which prioritize avoiding rigid commitments and high upfront costs, opting for professional spaces capable of adapting quickly to changing needs and market evolution.
Barcelona closed 2025 with more than 25,000 m² leased by flexible operators, representing 8% of total leased spaces. The city’s stock of flexible spaces reaches 295,355 m², equivalent to 3.5% of the total office stock, with a concentration mainly in the city center and the 22@ district.
In Madrid, by contrast, flex operator leasing neared 15,000 m², about 3% of total leasing. The capital boasts a stock of 327,628 m² (2% of the total office stock), leading the supply in strategic areas such as the financial district (the Paseo de la Castellana axis and AZCA), along with the Chamartín-Cuatro Torres hub and flexible spaces in the Méndez Álvaro area.
