Urban Vault Leases 1 Lakh Sq Ft Office Space in Bengaluru

New Delhi, Aug 29 (PTI) Co-working firm Urban Vault has taken 1 lakh square feet prime office space on lease in Bengaluru from realty firm Brigade Group to cater the rising demand of managed workspaces from domestic and global corporates.

At present, Urban Vault has over 20 lakh square feet of office spaces covering more than 30,000 desks in its portfolio.

The company has a big presence in Bengaluru and it is all set to enter Pune, Gurugram and Hyderabad market by the end of this fiscal. Its occupancy level in the operational centres stands at 91 per cent.

In a statement, Urban Vault -- which provides managed workspace solutions to corporates -- said it has taken space at the 'Brigade Summit' project in Whitefield, Bengaluru.

"We have taken 1,00,000 square feet of office space from Brigade Group to open a new centre in Whitefield," Urban Vault, Co-founder and CEO, Amal Mishra said.

The new facility, comprising more than 2,000 desks. Per seat cost would be around Rs 9,000 and above per month.

"Post-COVID, the demand for prime office space has revived significantly. Large and medium-size corporates are preferring hassle-free managed office space from operators like us," Mishra said.

With this leasing transaction, Urban Vault has entered the Whitefield market, a key residential and commercial hub with modern infrastructure, hosting many tech companies, shopping malls, and entertainment options, making it a popular choice for both corporates and professionals.

Among 7-8 major cities of India, Mishra said Bengaluru has always been a preferred location for global and domestic companies because of availability of English-speaking tech professionals coupled with strong supply of prime office spaces at an affordable rent.

"Moreover, MNCs are setting up Global Capability Centres (GCCs) in Bengaluru and other major cities in a big way, creating a huge demand for Grade A office space," he observed.

To cater to this robust demand for managed office space, Urban Vault is planning to enter the Pune, Delhi-NCR, and Mumbai market besides further strengthening its presence in Bengaluru.

The company is looking for spaces in these new cities to expand its portfolio, which in turn will help it in growing the company's turnover.

"We are in preliminary discussions with many commercial real estate developers and individual landlords for taking office space on lease in these 4 key markets," Mishra said.

During 2023-24 fiscal year, Urban Vault clocked a turnover of more than Rs 100 crore.