Belgium’s flexible office market has surpassed 1 million square meters for the first time, representing 4.3% of the country’s total office stock, according to Coworking Europe.
The market now comprises 591 locations totaling 1,035,935 square meters, with both floor space and location count growing around 8% over the year.
Revenue Growth Lags Behind Expansion
Market turnover reached €387 million in 2025, up from approximately €50 million in 2015. However, turnover growth slowed to around 5% in 2026, below the 8% increase in floor space and locations, as price competition pushed revenue per square meter lower.
Although sector EBITDA averages around 20% of turnover, operating profit remains below 3%, partly due to the high costs of opening new centers.
IWG Leads A Fragmented Market
IWG, operator of Regus and Spaces, leads Belgium with 56 locations covering more than 121,000 square meters. Local operators Silversquare and Officenter follow with 11 and 14 locations, respectively. More than half of all sites remain independently operated.
Flexible office penetration varies widely by city, reaching around 12% in Geel and more than 11% in Hasselt, compared with approximately 4% in Brussels.
