Co-working firm Urban Vault leases 1 lakh square feet office space in Bengaluru

Urban Vault said that the cost per seat in the 2,000-desk facility in Brigade Summit in Bengaluru would be around ₹9,000 per month

Managed co-working firm Urban Vault has leased 1 lakh square feet of office space in Bengaluru from real estate company Brigade Group in order to expand its business and meet the rising demand for managed workspaces from domestic and global companies.

Co-working firm Urban Vault leases 1 lakh square feet office space in Bengaluru (Urban Vault)

The new facility located in Brigade Summit, a mixed-use project by Brigade Group in the Whitefield area, comprises more than 2,000 desks and the per seat cost is around ₹9,000 and above per month, the company statement said.

Urban Vault is a Bengaluru-based self-funded managed workspace solutions provider with over 20 lakh square feet of office spaces and more than 30,000 desks in its portfolio.

The flexible workspace player is set to enter the Pune, Gurugram and Hyderabad markets by the end of the ongoing financial year. It is also eyeing an entry into Mumbai.

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.

In the 2023-24 fiscal year, Urban Vault clocked a turnover of over ₹100 crore, with an 18% year-on-year growth in profit after tax. The occupancy level in its operational centres stands at 91%, per the company statement.

Rising trajectory of flexible office segment across India

The flexible office space segment in India has demonstrated an upward trajectory following the Covid-19 pandemic, gaining increasing market share within the larger commercial real estate sector. Large enterprises too have shifted gears in favour of this category amid adoption of a hybrid work culture.

According to a June 2024 report by property consultancy Colliers, the flexible office space segment across the top six cities in India registered its highest ever quarterly demand in the April-June period at 2.6 million square feet. Bengaluru and Delhi-NCR alone accounted for 65% of this demand.