Belgium’s flexible office sector has entered a renewed phase of growth and transformation, following several years of disruption caused by the pandemic and the energy crisis. The market is now evolving into a more scalable, professionally managed, and sustainable model of workspace provision.
In 2024, revenue across coworking spaces and business centers reached €400 million, representing a 19% year-on-year increase, according to Coworking Europe. Operational performance also strengthened, with EBITDA climbing to €75.9 million and operating profit hitting €12.8 million — marking a full financial recovery from the downturn between 2020 and 2022.
The sector now accounts for just under 4% of Belgium’s total office space, with over 500 serviced locations nationwide. However, recent growth is being measured less by the number of new sites and more by the size and efficiency of operations. Larger centers are becoming the norm.
The market is gradually consolidating. Although more than half of locations are still independently operated, multi-site providers are becoming increasingly common. Over 20 companies now manage at least three centers.
IWG (which owns Regus and Spaces) remains the dominant player, followed by Silversquare and Officenter. At the same time, the traditional boundaries between coworking spaces and business centers are diminishing, with both moving toward integrated, full-service offerings.
This evolution is also reshaping financial strategies. Rather than relying on traditional lease agreements, operators are embracing lower-risk models such as management contracts and franchising. These arrangements allow for shared risk with landlords and greater flexibility, with management contracts in particular offering improved competitiveness by reducing exposure to occupancy volatility.
Looking ahead, the Belgian flexible office market is projected to grow by 10–15% annually. Demand is expected to rise for larger, amenity-rich environments and adaptable lease terms — features increasingly favored by businesses navigating hybrid and decentralized work models.
The sector’s current trajectory suggests it will play a central role in shaping the future of office space across the country. Belgium is also seeing exploding investment from American tech companies. Last week, both Amazon and Google announced billion euro investments into the country.
Amazon plans to invest 1 billion euros ($1.16 billion) in Belgium to upgrade infrastructure and enhance supply chains to offer same-day delivery across Belgium by 2027. The company said it will develop infrastructure and strengthen its partnership with Belgian mail operator Bpost and local small and medium companies.
Google’s plans to invest 5 billion euros ($5.80 billion) in Belgium, which would create a further 300 jobs in the country will focus on the AI sector and on expanding its data center campuses.
