A new report compiled by Workthere, the flexible office advisory brand of Savills, found that the majority of flexible offices across the world are turning a profit.

The report analyzed flexible offices across Belgium, France, Germany, Ireland, Singapore, Spain, the Netherlands, the UK, the US and Vietnam.

The research found that 79% of flexible offices are profitable and over 50% of those offices were marking an operating margin of 11% or more. 

In the flexible offices, 65% of space were allocated to fixed offices, 25% to coworking and the rest was split between meeting room and fixed desks.

“It appears that we are currently seeing an imbalance between profitability and the allocation of space,” said Jessica Alderson, Workthere Global Research Analyst. “The average area assigned to private offices currently sits at 53%, yet it accounts for 65% of revenue, whereas coworking space accounts for 25% of space but only 16% of revenue.”

The research also found that the average time for a flexible office to reach normalized occupancy is 1.5 years. In fact, only 14% of flexible offices opened for over a year are unprofitable.