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Residential, living and flexible space

Co-working space financial model, built free.

A three-statement Excel model for a co-working and flexible office operator, built from your own figures and checked to balance.

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  • Usually ready within the hour

We use generative AI in parts of our process, so mistakes can occur. Every model should be checked by a person before it is relied on. Read more

The business

Leases or manages office floors and fits them out as flexible workspace, selling desks, private offices and memberships on short terms; the margin is desk revenue less the head-lease rent (or the landlord's profit share under a management agreement) and centre running costs.

See the sampleHow the model works

In short

  • 01

    Three linked statements

    Income statement, balance sheet and cash flow, linked in every period.

  • 02

    Valued two ways

    Discounted cash flow and trading multiples, side by side.

  • 03

    Monthly to annual

    Monthly, quarterly, half-yearly or annual periods, for up to 30 years.

  • 04

    Checked every period

    A Checks sheet shows the balance sheet balances and the cash reconciles.

The sample

The sample, as Excel draws it.

Built by the same system and checks as yours: its structure and its inputs, ready for your own figures.

Annual · 10 years · Low detail
Co-working space sample model.xlsx
The How It Works sheet of the sample co-working space model

The sample describes no real business. Yours is calibrated to your own figures, so its results are your business’s.

How it works

How the model works for a co-working space.

  1. How it earns revenue3 formulas
    Workspace revenue · All flexible workspace centres
    Workspace revenueDesk and office revenueAncillary income (meeting rooms and services)
    Workspace revenue · All flexible workspace centres
    Occupied workstationsWorkstationsDesk occupancy
    Rental income · Property 1
    Gross rental incomeNet lettable areaRent rateOccupancyshare of the year
  2. What drives its costs3 formulas
    Occupancy cost (head lease or landlord share) · All flexible workspace centres
    Occupancy cost (cash rent and outgoings)Base rentOutgoings
    Centre running costs · All flexible workspace centres
    Centre running costsFixed centre costsVariable costs of occupied workstationsPre-opening costs
    Property operating costs · Property 1
    Property operating costsNet lettable areaOperating cost rateshare of the year
  3. What it invests in3 formulas
    Fit-out capex and depreciation · All flexible workspace centres
    Fit-out net book valueNet book value at period startFit-out capex (centre already fitted out)Fit-out depreciation
    Leases
    Principal elements of lease paymentsLease payments (cash)from cashInterest on lease liabilities
    Leases
    Closing lease liabilitiesLease 1Lease 2Lease 3Lease 4Lease 5Lease 6
  4. How it is funded3 formulas
    Debt
    Closing balanceOpening balanceDrawdownsRepayments
    Debt
    Interest expenseOpening balanceAll-in interest rateshare of the year
    Equity raising
    Equity raisedDistributions reinvested under the DRPOther equity raised (net of costs)Equity from an offer, milestone funding, conversions and creditor shares
  5. How profit becomes cash3 formulas
    Working capital
    Trade receivablesRevenuefrom statementsDebtor daysDays in period
    Working capital
    InventoryDirect costs (positive)from statementsInventory daysDays in period
    Working capital
    Trade payablesCash operating costs (positive)from statementsCreditor daysDays in period
What it covers

21 parts, each one tested.

Every part is a tested building block with its own checks: yours is put together from the ones your business needs.

  • CPI forecastCPI glide path
  • Operating expensesOperating expense line items
  • Corporate costsFixed cost base indexed to CPI
  • Working capitalDays-based working capital
  • Income taxCorporate rate with tax losses
  • DebtSingle debt facility
  • Equity raisingDistribution reinvestment plan
  • Discounted cash flow valuationDCF on free cash flow to the firm
  • Multiples valuationEV / EBITDA multiple
  • LeasesLease register
  • Key-metric summaryLast-twelve-month and run-rate metrics
  • Discount rate (WACC)CAPM at target gearing
  • Tenant receivables, bad debts and depositsArrears days and bad debt %Rent arrears and bad debts, rent received in advance, and security deposits or bonds held for tenants — the property-specific working-capital balances.
  • Workspace revenueWorkstations × occupancy × price per deskDesks and offices sold, occupancy and the price achieved, plus meeting-room and service income.
  • Occupancy cost (head lease or landlord share)Head-lease cash rentWhat the operator pays to occupy the centre — head-lease rent, or the landlord's share under a management agreement or revenue share.
  • Centre running costsFixed cost per centre plus cost per occupied deskCommunity and front-of-house staff, cleaning, utilities, internet, consumables and repairs for each centre.
  • Fit-out capex and depreciationCapex per workstationFit-out, furniture and technology spend for each centre, refreshes, make-good at lease end, and depreciation.
  • Property registerThe facts every other part of the model builds on — size, units, ownership share and opening value.
  • Rental incomePassing rent × occupancyBase rent earned from tenants and the occupancy that drives it.
  • Property operating costsOperating costs per sqmOutgoings and other costs of running the property (rates, land tax, insurance, cleaning, security, repairs, management).
  • Net property incomeProperty-level income less property operating costs.
Key numbers

The numbers it tracks.

  1. 01workstations
  2. 02desk occupancy
  3. 03revenue per occupied desk
  4. 04centre contribution margin
  5. 05rent to revenue
  6. 06mature versus ramping centres
  7. 07EBITDA after leases
Used for

What it is used for.

Also used for
  • Scenarios and sensitivities
Related models

More in residential, living and flexible space.

Every real estate model

Looking for a co-working space financial model template? Ours arrives built for your business, with your figures in it.

See a finished model, sheet by sheet

The sample is built on illustrative figures and describes no real business. Models are calculations prepared from the information you provide. They are not financial advice and must be independently verified. See our terms.