Cubo takes the crown as the UK’s fastest-growing flex office operator

Flexible workspace provider Cubo has been named the fastest-growing operator in the UK flex office market, according to new data from CoStar.

Over the past two years, Derby-headquartered Cubo has accounted for 33% of all flexible workspace leasing activity across Birmingham, Bristol, Edinburgh, Glasgow, Leeds and Manchester – known as the Big Six regional cities.

It surpasses the activity of other operators such as IWG and Orega, which each accounted for 13%.

Marc Brough, CEO of Cubo, said: “This is a brilliant achievement, but we’ve only scratched the surface. Cubo just keeps growing faster and faster. A combination of controlling the best in class, Grade A locations in the UK’s top-performing cities, together with an unbelievable sales and operations team, is now delivering the level of results which I’m confident will continue to outperform all other operators on a like-for-like basis.

“Cubo is about creating high-end, innovative workspaces where businesses and their teams can thrive. As we continue to expand, we remain committed to delivering exceptional experiences that support productivity, wellness, and growth. We’re excited to continue driving growth and supporting occupiers across the UK.”

Following a year of sustained growth, Cubo has announced plans to expand its footprint by 30% annually and enter the European market.

Its new growth strategy is backed by investment firm Literacy Capital, which took a minority stake in the business in 2023.

The acquiring agents for Cubo’s recent deals are Derby-based commercial property specialists Rigby & Co.

CoStar’s analysis also indicates that demand for flexible workspaces is increasing across regional markets, with newer entrants like Cubo gaining market share while leasing activity by long-standing operators has slowed.

Between 2017 and 2022, IWG, owner of Regus and Spaces, held over 40% of leasing activity, a figure that has since dropped to 13%.

Founded in 2020 by property investors Marc and Rebecca Brough, Cubo has expanded rapidly, acquiring 350,000 sq ft of office space across 13 sites in under five years.

The company has focused on securing Grade A office space in key UK cities, recently establishing a presence in Manchester, Glasgow and London.

Its latest expansion includes space at a prominent office development in central London. Cubo secured the entire 18,819 sq ft second floor of Ilona Rose House, the site of the former Foyles Bookshop on Charing Cross Road.