There is a huge demand for flex space from corporates of all sizes, Urban Vault Founder Amal Mishra said.
BENGALURU, Oct 24 (The CONNECT) – Managed office space provider Urban Vault has taken on lease 1.2 Lakh square feet of office space in central business district (CBD) of Bengaluru to meet rising demand from corporates.
Founded in 2018, Urban Vault currently has over 2 million square feet of office space comprising more than 30,000 desks in Bengaluru.
Urban Vault has taken on lease space in office buildings — HM Square (formerly HM Icon) at Residency Road; Prestige Obelisk – Kasturba Road and Pardhanani Wilshiren at MG Road.
“There is a great demand for managed office space in CBD area of Bengaluru. We have taken space on lease in CBD from property owners to set up our facilities and meet demand for premium workspace from medium to large enterprises,” Urban Vault Founder Amal Mishra said.
He said the company now had a portfolio of 1.5 lakh sq feet space in the CBD area of Bengaluru.
“There is a huge demand for flex space from corporates of all sizes. We are expanding our portfolio in a big way,” Mishra said.
Multi-national companies are looking to set up Global Capability Centres (GCCs) across major cities of India.
“Because of availability of affordable 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.
“Flexible workspace has become a key component in the overall real estate portfolio of corporates. They are embracing managed office spaces because of various benefits that flex space offer,” Mishra said. He further highlighted that managed office space offers flexibility and helps corporates save on capital expenditure.
“Corporates do not have to worry about managing physical infrastructure and housekeeping of their offices,” Mishra said.
Urban Vault takes office on lease from property owners on pure rental basis as well as revenue share model.
It offers desks in a price range of INRÂ 8000- 10000 per month
The company is expanding to Gurgaon in the next quarter. Pune and Mumbai are also in the expansion plans.
During 2023-24 fiscal year, Urban Vault clocked a turnover of more than Rs 100 crore, with an impressive 18% profit after tax (PAT) and consistent year-over-year growth. Its occupancy level in the operational centres stands at 91 per cent.
