The UK flexible office sector is undergoing a fundamental transformation from growth-stage experimentation to institutional-grade operational real estate, according to comprehensive new research from property consultancy, Spaces to Places From Hype to Operational Real Estate
The research identifies over 228 UK providers now running four or more locations, with the sector to consolidate to around 10-15 providers with proven business models. London office occupancy remains strong at 93% (Savills, May 2025), while managed office supply has surged 111% year-on-year (YoY) and 10.6% quarter-on-quarter (QoQ), outpacing serviced office space growth of 6.1% over the last quarter. (Source: Rubberdesk, May 2025).
“After years of inflated promises and tech unicorn comparisons, the flexible office sector is undergoing a long overdue reality check,” said Zoe Ellis-Moore, CEO and Founder of Spaces to Places. “Flex is not a tech play. It is a mature cash flow business rooted in recurring revenues, operational delivery, and customer service.”
The top 25 serviced office providers by number of locations
| Brand/ Provider | Year Established | Number of Locations | |
| 1 | Regus | 1989 | 202 |
| 2 | Spaces | 2008 | 71 |
| 3 | Fora | 2016 | 70 |
| 4 | Workspace Group | 1987 | 66 |
| 5 | BizSpace | 2000 | 63 |
| 6 | Flexspace | 2007 | 41 |
| 7 | Boutique Workplace Company | 2009 | 40 |
| 8 | Landmark | 2008 | 39 |
| 9 | WeWork | 2010 | 34 |
| 10 | Oxford Innovation Space | 1987 | 33 |
| 11 | Basepoint | 1988 | 29 |
| 12 | Northern Trust | 1962 | 28 |
| 13 | Orega | 2001 | 25 |
| 14 | Argyll | 1998 | 25 |
| 15 | Pure Offices | 2007 | 24 |
| 16 | Citibase | 1993 | 21 |
| 17 | Unit Management | 1969 | 20 |
| 18 | Stelmain | 1984 | 18 |
| 19 | Podium | 2021 | 17 |
| 19 | Ethical Property | 1998 | 17 |
| 21 | Runway East | 2014 | 15 |
| 21 | UBC | 2008 | 15 |
| 21 | Business First | 2000 | 15 |
| 21 | Cygnet | 1997 | 15 |
| 25 | Adderstone Group | 2000 | 14 |
| 25 | Spacemade | 2019 | 14 |
| 25 | X+why | 2018 | 14 |
Five Signs of Market Maturity
The report highlights five factors for determining the sector’s evolution towards full institutional recognition:
- Standardised Operating Metrics – Sector-wide adoption of KPIs such as Revenue Per Available Unit (RevPAU) and cost-per-desk.
- Longer, More Stable Income – Three-year+ licences with premium pricing.
- Professional-Grade Operators – Hotel-style governance with ESG reporting and hospitality-trained teams.
- Investor-Aligned Capital Structures – as profit-share align incentives. Capital-light structures such as profit-share align incentives.
- Valuation & Policy Recognition – Valued and regulated similarly to hotels or Build-To-Rent properties.
“The next wave of success in this sector will not come from those who scale but from those who operate smartest,” Ellis-Moore added.
Market Outlook
The research positions flex offices within the broader operational real estate landscape, comparing the sector’s development to established asset classes like hotels, Build-to-Rent, and Purpose-Built Student Accommodation.
“Traditional property management is under pressure,” Ellis-Moore noted. “Landlords are rethinking how buildings are run as flex providers increasingly manage not only flex space but entire buildings.”