Urban Vault Expands Flexible Workspace in Bengaluru's CBD
Urban Vault, a managed workspace provider, has leased 1.2 lakh square feet of office space in Bengaluru's central business district to meet the growing demand from corporates. The company is also planning to expand to other key cities like Gurugram, Pune,
Urban VaultFlexible WorkspaceBengaluruReal EstateCorporate DemandReal Estate NewsNov 04, 2024
According to Amal Mishra, the founder of Urban Vault, flexible workspace has become an essential part of the overall real estate portfolio for corporations. The company is witnessing a significant shift towards managed office spaces due to the numerous benefits they offer, such as cost-effectiveness, flexibility, and a range of amenities. Mishra added that Bengaluru's availability of affordable real estate and a pool of skilled talent make it an attractive destination for corporates looking to enter the Indian market. Among the major cities in India, Bengaluru stands out for its robust infrastructure and business environment.
The demand for flex space is particularly strong with the rise of multi-national companies setting up Global Capability Centres (GCCs) across major Indian cities. This has led to an increased demand for Grade A office space. Urban Vault, a self-funded managed workspace solutions provider based in Bengaluru, currently has over 20 lakh square feet of office spaces and more than 30,000 desks in its portfolio. Approximately 1.5 million square feet of this space is located in the central business district. The company is also planning to expand to Gurugram in the upcoming quarter and has its sights set on Pune and Mumbai.
Urban Vault operates on both a pure rental basis and a revenue share model, leasing office spaces from property owners. The company offers desks at a competitive rate 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 continues to grow. Urban Vault's ability to provide 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.
Frequently Asked Questions
What is Urban Vault?
Urban Vault is a managed workspace solutions provider based in Bengaluru. It offers flexible office spaces to corporates and has a significant footprint in the central business district of Bengaluru.
How much office space has Urban Vault leased in Bengaluru's CBD?
Urban Vault has leased 1.2 lakh square feet of office space in Bengaluru's central business district, spread across three buildings: HM Square, Prestige Obelisk, and Pardhanani Wilshire.
What are the key benefits of flexible workspaces?
The key benefits of flexible workspaces include cost-effectiveness, flexibility, a range of amenities, and the ability to scale up or down based on business needs.
What are Urban Vault's expansion plans?
Urban Vault is planning to expand to Gurugram in the upcoming quarter and is also considering Pune and Mumbai for future expansions.
What is the current occupancy level of Urban Vault's operational centres?
Urban Vault reported an occupancy level of 91% in its operational centres during the financial year 2023-24.
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