Managed office space provider Urban Vault has leased 1.2 lakh square feet of office space in Bengaluru’s central business district to cater to a rising demand from corporates, the company said in a statement on October 24.
The said office space is spread across two buildings - HM Square (formerly HM Icon) on Residency Road and Prestige Obelisk on Kasturba Road.
“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 offers,” said Amal Mishra, founder, Urban Vault, adding that owing to availability of affordable real estate as well as skilled talent, Bengaluru does well in attracting corporates looking to enter India to do business.
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Urban Vault, which is looking to enter Gurugram in the upcoming quarter, also has Pune and Mumbai on its radar, the company statement said.
Flexible workspaces in Bengaluru
The flexible workspace provider presently manages offices spanning a total of 2 million square feet in Bengaluru, of which 1.5 million square feet is located in the central business district.
{{/usCountry}}The flexible workspace provider presently manages offices spanning a total of 2 million square feet in Bengaluru, of which 1.5 million square feet is located in the central business district.
{{/usCountry}}The central business district of Bengaluru includes areas such as MG Road, Brigade Road, Palace Grounds, Trinity, Church Street, Cunningham Road, Ashok Nagar, Shivaji Nagar, Commercial Street, Ulsoor (Halsoor), Cubbon Park, and so on.
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Urban Vault takes office on lease from property owners on a pure rental basis as well as the revenue share model, as per the company statement. It offers desks in a price range of ₹8,000- 10,000 per month.
During the financial year 2023-24, Urban Vault clocked a turnover of over ₹100 crore, alongside a net profit of 18%. Its occupancy level in the operational centres stands at 91%.
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