Aticco and All Out Capital Partners have launched a new real estate investment vehicle focused on the flexible office sector in Spain and Portugal. The project foresees a total investment of €180 million and targets an expected return of 11.5%.
According to a statement released by Aticco, “the program is designed exclusively for private investors, family offices, family-owned businesses, and institutional investors specialized in the office real estate segment.” The company also explained that “its value proposition combines exposure to the structural growth of coworking with an active management model and full alignment of interests between operator, manager, and investor.”
The initiative comes at a time of profound transformation in the office market, where flexible workspaces have become increasingly central to corporate real estate strategies. In this regard, Aticco emphasized that “the flexible office model no longer represents merely an alternative, but rather a strategic solution increasingly adopted by large corporations, international companies, and businesses undergoing organizational transformation.”
The new vehicle promoted by both firms aims to capitalize on this long-term market trend through the acquisition, repositioning, and operation of assets located in strategic areas across the main cities of Spain and Portugal.
Coworking continues to gain momentum in real estate
The flexible office segment in Spain continues to show sustained growth and is consolidating itself as one of the most promising areas within the real estate market. The country currently has approximately 1.5 million square meters of flexible office space, following a compound annual growth rate (CAGR) of 13% recorded in 2022.
Despite this expansion, coworking still accounts for only 4.5% of Spain’s total office market, which comprises around 33 million square meters. According to the promoters of the vehicle, this reflects significant room for further development.
Market forecasts suggest that by 2030 the sector could expand by more than one million additional square meters of flexible office space. Factors such as the consolidation of hybrid working models after the pandemic and rising demand for premium services — including gyms, restaurants, events, training, and community-oriented amenities — are reinforcing coworking’s position as one of the real estate segments with the strongest growth potential.
For the sponsors of the investment vehicle, the combination of coworking’s structural growth, recurring rental income, and alignment of interests among all stakeholders involved “turns this strategy into a new asset class within the real estate sector aimed at professional investors.”
They also believe that the launch marks an important step in the institutionalization of the flexible office market in Spain and opens a new avenue for direct investment in a segment that continues to gain relevance within the corporate strategies of both companies and property owners.
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