Urban Vault, which provides managed flexible office space to corporates, is expanding its business in Bengaluru and has taken on a lease of 1.2 lakh square feet of office space in the central business district (CBD) to open new facilities in the IT city.
Established in 2018, Urban Vault has more than 20 lakh square feet of office space in its portfolio, comprising more than 30,000 desks.
In a statement, Urban Vault said it has taken on lease workspaces in office buildings -- HM Square (formerly HM Icon) at Residency Road; Prestige Obelisk - Kasturba Road and Pardhanani Wilshire at MG Road.
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Commenting on the expansion, Urban Vault founder Amal Mishra noted that there is a great demand for managed office space in the CBD area of Bengaluru.
"We have taken office space on lease in Bengaluru's CBD from property owners to set up our facilities and meet demand for premium workspace from medium to large enterprises," Mishra said.
The company now has a portfolio of 1.5 lakh square feet of space in the CBD area of Bengaluru.
"There is a huge demand for flex space from corporates of all sizes," Mishra said.
Multi-national companies are looking to set up Global Capability Centres (GCCs) across major cities of India, resulting in strings demand for Grade A office space.
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"Because of the availability of affordable commercial real estate as well as skilled talent, Bengaluru always has an upper hand in attracting corporates looking to enter India to do business," Mishra said.
He also observed that flexible workspace has become a key component in the overall real estate portfolio of corporates.
Urban Vault takes office on lease from property owners on a pure rental basis and a revenue share model.
It offers desks in a price range of Rs 8,000-10,000 per month.
The company is expanding to Gurugram in the next quarter.
Pune and Mumbai are also in the expansion plans.
During 2023-24, Urban Vault clocked a turnover of more than Rs 100 crore, with an impressive 18 per cent profit after tax (PAT) and consistent year-over-year growth.
Its occupancy level in the operational centres stands at 91 per cent.
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