Bengaluru August 31, 2024: Managed co-working firm Urban Vault has leased 100,000 square feet of prime office space at Brigade Summit, one of the iconic mixed-use projects by Brigade Group, in Whitefield, Bengaluru. This move aims to expand its business and meet the rising demand for managed workspaces.
With this leasing transaction, Urban Vault—a self-funded, bottom-line-driven company that provides managed workspace solutions to corporates—has entered the Whitefield area. Whitefield is 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.
At present, Urban Vault has over 20 lakh square feet of office spaces and 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 end of FY25.
“We have taken 1,00,000 square feet 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 of more than 2000 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 sized corporates are preferring hassle-free managed office space from operators like us,” Mishra said.
Among 7-8 major cities of India, he 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,” Mishra said.
To cater to this robust demand for managed office space, Urban Vault is planning to enter Pune, Delhi-NCR, and Mumbai market besides further strengthening of 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 individuals landlords for taking office space on lease in these 4 key markets,” Mishra said.
The company hopes to expand its geographical reach by end of this fiscal.
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.