Urban Vault, a managed co-working firm, has leased 100,000 square feet of prime office space at Brigade Summit in Whitefield, Bengaluru, to meet the growing demand for managed workspaces. The new facility will house over 2,000 desks, with a per-seat cost of INR 9,000 and above-monthly. Urban Vault, with over 20 lakh square feet of office space and 30,000 desks in its portfolio, plans to expand into Pune, Gurugram, Hyderabad, Delhi-NCR, and Mumbai. The company reported a turnover exceeding INR 100 crore in the 2023-24 fiscal year, driven by the demand for Grade A office space.
Urban Vault, a managed co-working space provider, has secured a lease for 100,000 square feet of prime office space in the Brigade Summit project, located in Whitefield, Bengaluru. This strategic move comes in response to the surging demand for managed workspaces from both domestic and global corporations. The new facility will house over 2,000 desks, with a per-seat cost starting at INR 9,000 per month. The company, which has established a significant presence in Bengaluru, currently manages over 20 lakh square feet of office space, accommodating more than 30,000 desks.
Urban Vault's occupancy rate in its operational centres stands at an impressive 91%, reflecting strong market demand. The company is now poised to expand into other major Indian markets, including Pune, Gurugram, and Hyderabad, by the end of this fiscal year. Whitefield, where the new facility is located, is a major residential and commercial hub known for its modern infrastructure. The area is home to numerous tech companies, shopping malls, and entertainment venues, making it an attractive location for both corporations and professionals. The addition of this new office space allows Urban Vault to enter the Whitefield market, further solidifying its position in Bengaluru.
Amal Mishra, Co-founder and CEO of Urban Vault, noted that the demand for premium office spaces has seen a strong resurgence post-COVID, with many large and medium-sized corporations favouring managed workspaces. The ease and convenience offered by providers like Urban Vault have made these hassle-free office solutions a popular choice among companies. Mishra also highlighted that Bengaluru remains a top destination for both global and domestic firms due to its strong supply of affordable prime office spaces and a large pool of English-speaking tech professionals. The city's attractiveness is boosted by the increasing trend of multinational companies setting up Global Capability Centres (GCCs) in Bengaluru and other major Indian cities, which is driving up the demand for Grade A office space.
To capitalise on this demand, Urban Vault is actively seeking to expand its portfolio in Pune, Delhi-NCR, and Mumbai, alongside strengthening its presence in Bengaluru. The company is currently in preliminary discussions with commercial real estate developers and individual landlords in these key markets. This expansion is expected to contribute significantly to Urban Vault's growth, building on the company's strong performance in the 2023-24 fiscal year, during which it recorded a turnover exceeding INR 100 crore.
Urban Vault's expansion into the Whitefield area of Bengaluru with a large new office space is a strategic move that highlights the growing demand for managed workspaces. By offering modern, hassle-free office solutions, the company is meeting the needs of both local and global corporations, especially in a city like Bengaluru, which is a hub for tech talent and multinational companies. With plans to expand into other major Indian cities, Urban Vault is well-positioned to continue its strong growth, building on its successful track record and the increasing popularity of flexible office spaces.
Advertisement
Facebook
Whatsapp
