Ioffice increases revenue by 86 percent: "seeing a shift in industry trends"
The business center Ioffice today announces its 2023 financial results for its office hotel and coworking operations. The companies reported total revenues of SEK 209 million (up from SEK 112 million), representing an 86 percent growth.
"We are seeing a shift in industry trends and that the demand for serviced offices and coworking spaces has broadened significantly, appealing to both small and large companies," says Homan Tehrani, CEO of Ioffice Business Center.
Homan Tehrani, CEO of Ioffice.
The serviced office and business center Ioffice are one of Sweden's largest industry players, operating nine facilities in Stockholm and Gothenburg with a total of over 28,000 square meters of office space. During 2023, the business increased its revenue by a striking 86 percent, growing from SEK 112 million to SEK 209 million year-over-year.
"Our expansion has been organic, profitable, and without acquisitions. A key success factor is that more property owners understand our business model, trusting us to operate in their buildings," says Homan Tehrani.
The increased demand for flexible offices is supported by data from the brokerage company yta.se, whose latest measurements from 2023–2024 show that the number of rented square meters for office hotels in Stockholm rose by 20 percent.
"More and more companies recognize the advantages of having a coworking office. We see even large companies using us increasingly as a complement to their fixed offices. This is a trend shift for the entire industry."
In 2023, Ioffice implemented a cost-control program, partially explaining why the business remains profitable despite significant organic growth.
"The combination of effective cost control and increased demand enables us to grow while maintaining profitability."
The growth journey continues for Ioffice.
"We are soon opening Sveavägen 32–36 in Stockholm, adding over 5,700 square meters across seven floors," says Homan Tehrani, CEO of Ioffice Business Center.
Ioffice's office hotel and coworking operations consist of Ioffice Stockholm AB and Kungsgatan 64 Business Center AB. Calendar year 2022 revenue amounted to SEK 112 million, while the fiscal year 2022 (14 months) reported revenue of SEK 123 million.
For more information, please contact:
Homan Tehrani, CEO, +46 76-339 33 35, homan@ioffice.se
Magnus Sjöbäck, Press Contact Ioffice, +46 70-44 51 599, magnus.sjoback@greatness.se
Ioffice is a Swedish company that operates and develops flexible office solutions for small and medium-sized businesses. The company was founded in 2007 with the vision of managing coworking spaces and serviced office environments where people want to work and live. The business is headquartered and operates several office hotels in central Stockholm and Gothenburg. For more information about Ioffice, visit: https://ioffice.se/
