There’s been a recent surge in new businesses forming in Spain, and it’s a trend that’s causing flexible office spaces to strive in the country.
According to a report published by CoStar, the European country’s economic landscape has profound implications for the future of work. In August alone, the number of new companies grew by 11.8% year-over-year, marking eight consecutive months of growth.
More specifically, from January to August, over 75,000 new companies were established in Spain, surpassing figures from the same period last year by 11.3% and reaching levels not seen since before the 2008 financial and real estate crisis
This entrepreneurial boom is reshaping Spain’s workforce. With more startups and small businesses entering the market, there is an increased demand for flexible and adaptable workspaces.
Madrid, Barcelona, and Málaga are experiencing the bulk of this newfound growth, with these cities hosting the majority of Spain’s new business activity. The surge in new companies within these cities is driving demand for workspaces — leading flex office operators to expand their presence in Spain. IWG, cited as an example, has reported a 123% increase in on-demand membership in Spain. The company is set to expand even more, with plans to open the largest flexible workspace in Spain by 2025, according to CoStar
This trend is not just a temporary response to current market conditions; it reflects a broader shift in the way we work. The rise of flex spaces is attracting large investors and real estate owners, indicating a recognition of the long-term potential of this sector
With a notable share of high-growth enterprises and a workforce that has become more and more entrepreneurial, Spain’s demand for flexible workspaces is expected to persist in the coming years.