Bengaluru, 24th of October, 2024 : Urban Vault, one of the leading managed office space providers in India, 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 INR 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.
ABOUT URBAN VAULT
Founded in 2018, UrbanVault is a bootstrapped managed office space provider based in Bangalore, achieving impressive growth and profitability without relying on external funding. The company has crossed Rs 100 crore turnover mark, with an 18% profit after tax (PAT) and consistent year-over-year growth, showcasing its strong financial discipline and commitment to sustainable business practices.
UrbanVault’s decision to self-fund its expansion has allowed it to maintain full control over its operations, ensuring that every step aligns with its vision for long-term success. Over the past five years, the company has expanded significantly, growing from a modest 40 seats to over 30,000 seats across its network of office spaces. Spanning over 2 million square feet and multiple cities, UrbanVault’s portfolio demonstrates its commitment to delivering value to a diverse range of clients.
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