Could be, is suppose, but I read more into it, because when Margot comes in, he generally seems excited to see her - broad smile, saying her name with an exclamation mark. He's not really focused on Buffy anymore except to ask if there is anymore business, effectively putting an end to their meeting and he certainly doesn't say goodbye. It feels like his attention is all on Margot.

So it feels like it is more than a simple flirtation. It feels like infatuation and something that might be a bit more established.