Flexible workspace providers have disrupted the traditional office market by offering space with different levels of curated services available to hire on a membership basis. Initially considered a solution for freelancers and start-ups, the current market of flexible workspace has grown in the number of operators, size of take-ups and clientele, which now also includes large corporations. Despite the growth, the flexible workspace business model raises concern, along with the covenant strength of its operators. The great initial expenses flexible workspace providers incur to fit out space, associated with a volatile revenue stream obtained from subletting the space in short-term and flexible memberships might trigger landlords to put a risk premium on top of the rent. On the other hand, it can be argued that housing flexible workspaces is a way to add an amenity to the building and capture end-users that would not be reached by a conventional lease. Furthermore, flexible workspace providers usually make more substantial lease commitments, both in terms of size and length, which might lead landlords to apply a discount to such tenants. This study investigates whether flexible workspace providers pay a higher, equivalent, or lower rents than other tenants within the same building by comparing their effective rent using data from the London market between 2011 and 2021. The results of the analysis suggest that there is a negative statistically and economically significant difference in the effective rents paid by flexible workspace providers in comparison to their peers.