The ginormous losses unveiled by WeWork during its IPO process last year linger long in the mind. But new research shows that a large majority of flexible offices around the world are actually turning a profit.

However, how you configure your flexible office makes a big difference to revenue, according to the global annual flexible office benchmark report compiled by Workthere, the flexible office advisory brand of Savills.

Here are the key numbers from the report, which examined 64 flexible offices in Belgium, France, Germany, Ireland, Singapore, Spain, the Netherlands, the United Kingdom, the United States and Vietnam.

79%: According to Workthere, 79% of all flexible offices are profitable at an operating profit margin level. More than 50% of the offices it researched were marking an operating margin of 11% or more. Workthere defines operating profit as revenue minus operating costs. It does not include depreciation, amortization, interest paid on debt or tax in operating costs. 65%: Within flexible office buildings,

65% of the space is allocated to fixed offices, 25% to coworking, and the rest split between meeting rooms, fixed desks for individuals and communal space. But there is a mismatch that could be hindering profitability for operators.

“It appears that we are currently seeing an imbalance between profitability and the allocation of space,” Workthere Global Research Analyst Jessica Alderson said. “The average area assigned to private offices currently sits at 53%, yet it accounts for 65% of revenue, whereas coworking space accounts for 25% of space but only 16% of revenue.”

As the market matures, operators are likely to convert coworking space to fixed offices, she added.