Urban Vault Expands Flexible Workspaces in Bengaluru's Central Business District
Urban Vault, a leading managed workspace solutions provider, has recently leased 1.2 lakh square feet of office space in Bengaluru's central business district. This expansion aims to cater to the growing demand from corporates, thanks to the city's afford
Flexible WorkspaceReal EstateBengaluruManaged Office SpacesGlobal Capability CentresReal EstateNov 04, 2024
According to Amal Mishra, the founder of Urban Vault, flexible workspace has become an essential part of the overall real estate strategy for corporations. They are increasingly embracing managed office spaces due to the numerous benefits that flex space offers. Mishra highlighted that Bengaluru's availability of affordable real estate and a skilled talent pool 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 significant demand for flex space from corporates of all sizes, especially with the rise of multinational companies setting up Global Capability Centres (GCCs) across major Indian cities. This trend has led to a surge in demand for Grade A office space.
Urban Vault, a self-funded managed workspace solutions provider based in Bengaluru, boasts over 20 lakh square feet of office spaces and more than 30,000 desks in its portfolio. Of this, 1.5 million square feet is located in the central business district. The company is also planning to expand to Gurugram in the upcoming quarter, with Pune and Mumbai on its radar for future expansions.
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 at rates 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 centers.
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.
Frequently Asked Questions
What is Urban Vault's recent expansion about?
Urban Vault has recently leased 1.2 lakh square feet of office space in Bengaluru's central business district to cater to the growing demand from corporates.
What are the benefits of flexible workspace for corporates?
Flexible workspaces offer corporates several benefits, including cost savings, flexibility, and access to a skilled talent pool.
Why is Bengaluru an attractive destination for corporates?
Bengaluru stands out due to its affordable real estate and a skilled talent pool, making it an attractive destination for corporates looking to enter the Indian market.
What is the current portfolio of Urban Vault?
Urban Vault 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.
What are Urban Vault's expansion plans?
Urban Vault is planning to expand to Gurugram in the upcoming quarter and has Pune and Mumbai on its radar for future expansions.
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