Urban Vault, a leading managed coworking firm, has leased 1 lakh square feet of office space in Bengaluru’s Brigade Summit to cater to the growing demand for flexible workspaces. According to a company statement, this new facility, located in the Whitefield area, offers over 2,000 desks at a cost of ₹9,000 per seat per month.

The Bengaluru-based company has already established a strong presence in the flexible workspace market, with over 20 lakh square feet of office space and 30,000 desks under its portfolio. Urban Vault is eyeing further expansion, with plans to enter Pune, Gurugram, Hyderabad, and Mumbai by the end of the financial year. “We are in preliminary discussions with many commercial real estate developers and individual landlords about taking office space on lease in these four key markets,” said Amal Mishra, co-founder and CEO of Urban Vault.

Bengaluru remains a top choice for global and domestic companies due to its rich pool of English-speaking tech professionals and affordable prime office spaces. Urban Vault’s new facility is set to capitalise on this demand, contributing to the company’s robust growth. In the 2023-24 fiscal year, Urban Vault achieved a turnover of over ₹100 crore, with an 18% year-on-year profit growth. The company’s occupancy rate across its centres stands at 91%.

India’s flexible office space market continues to rise post-pandemic, with large enterprises increasingly adopting hybrid work models. A report by Colliers in June 2024 highlighted that the flexible office space segment recorded its highest quarterly demand ever in April-June, with 2.6 million square feet leased across the top six cities in India. Bengaluru and Delhi-NCR led the demand, accounting for 65%.

As flexible workspaces become more popular among businesses, Urban Vault’s strategic growth plans position the company to meet rising demand in key cities across India. With a firm foothold in Bengaluru and ambitious expansion plans, Urban Vault is set to play a pivotal role in India’s coworking landscape.