Urban Vault, a managed office space provider, has announced its expansion in Bengaluru's central business district by leasing 1.2 lakh square feet of office space across three buildings. According to founder Amal Mishra, Bengaluru's availability of affordable real estate and skilled talent make it an attractive destination for companies looking to enter the Indian market. Urban Vault offers desks ranging from INR 8,000 to INR 10,000 per month. During the financial year 2023-24, Urban Vault reported a turnover of over INR 100 crore and a net profit of 18%, with an occupancy level of 91% in its operational centres. With over 20 lakh square feet of office spaces and plans to expand to other major cities, Urban Vault is positioning itself as a key player in the flexible workspace segment.
Managed office space provider Urban Vault announced in a statement on October 24 that it has leased 1.2 lakh square feet of office space in Bengaluru's central business district to cater to the growing demand from corporates.The leased office space is spread across three buildings: HM Square (formerly HM Icon) on Residency Road, Prestige Obelisk on Kasturba Road, and Pardhanani Wilshire on MG Road.
According to Amal Mishra, the founder of Urban Vault, flexible workspace has become an integral part of the overall real estate portfolio for corporations. They are embracing managed office spaces due to the various benefits that flex space offers. Mishra added that Bengaluru's availability of affordable real estate and skilled talent makes it an attractive destination for corporates looking to enter the Indian market. Among the 7-8 major cities in India, Bengaluru stands out in this regard.
Mishra emphasized that there is a substantial demand for flex space from corporates of all sizes, particularly with the rise of multi-national companies setting up Global Capability Centres (GCCs) across major Indian cities, leading to increased demand for Grade A office space.
Urban Vault, a self-funded managed workspace solutions provider based in Bengaluru, has over 20 lakh square feet of office spaces and more than 30,000 desks in its portfolio, with 1.5 million square feet located in the central business district. The company is also planning to expand to Gurugram in the upcoming quarter and has Pune and Mumbai on its radar.
Urban Vault operates on a pure rental basis as well as a revenue share model, leasing office spaces from property owners. The company offers desks in the range of INR 8,000 to INR 10,000 per month. During the financial year 2023-24, Urban Vault reported a turnover of over INR 100 crore and a net profit of 18%, with an occupancy level of 91% in its operational centres.
As more multinational companies establish Global Capability Centres in India, the need for high-quality, affordable office spaces is on the rise. Urban Vault's ability to offer managed office spaces with a range of amenities and services positions it well to meet the evolving needs of the corporate real estate market. With plans to expand to other key cities, the company is poised to become a leading provider of flexible workspace solutions across India.
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