UrbanVault has expanded into Chennai with 1,00,000 sq ft of flexible workspace across three properties, taking its national portfolio beyond 3 million sq ft. The move comes amid strong sector growth, driven by enterprise demand and new workspace formats, with major operators posting higher revenues in Q1 FY27.
UrbanVault has entered the Chennai flexible workspace market with a combined 1,00,000 sq ft across three properties. The portfolio includes Olympia Teknos and UV IPL in Guindy, as well as Ceebros Chambers on Velachery Main Road.
The expansion takes UrbanVault’s national footprint to more than 3 million sq ft across over 80 centres. The company is also targeting annual revenue of more than ₹350 crore in FY27, highlighting its confidence in continued demand for managed and flexible office space.
Ceebros Chambers accounts for 50,000 sq ft across S+4 floors and can accommodate up to 1,200 seats. Olympia Teknos covers around 15,000 sq ft, while UV IPL adds approximately 25,000 sq ft and can accommodate up to 800 seats.
Flex Operators See Strong Revenue Growth
UrbanVault’s expansion comes as India’s flexible workspace sector continues to attract occupiers and capital. WeWork India remained the largest operator by revenue at ₹698 crore, up 28.5% year-on-year, while its Ind-AS loss narrowed to ₹4.06 crore. Smartworks recorded revenue of ₹546.2 crore, a 44.04% annual increase, and posted a PAT of ₹13.1 crore compared with a loss in the year-ago quarter.
IndiQube’s revenue rose 36.74% to ₹428 crore, while Awfis grew 26.87% to ₹425 crore and reported a net profit of ₹224 crore.
Enterprise Demand Drives the Next Phase
The changing customer mix is becoming an important part of the sector’s growth story. Enterprise clients account for between 64% and 92% of revenue across the operators, underscoring the growing importance of larger, longer-duration corporate contracts.
The wider office market is also supporting demand for flexible workspace. During H1 2026, GCCs accounted for 45% of gross leasing across India’s top seven cities, up from 41% a year earlier. Flex operators contributed 25% of gross leasing during the period.
Strong Office Market Supports Flexible Workspace
India’s broader commercial office market is providing another tailwind. Office vacancy across the top seven cities declined to around 15.5%, compared with 16.3% previously. At the same time, average office rents increased 9% year on year to ₹196 per sq ft.
For occupiers, rising rents and changing workplace needs can make flexible and managed offices an attractive alternative to conventional long-term leases. For operators, strong enterprise demand offers opportunities to scale, provided new supply is matched with healthy occupancy and sustainable unit economics.
UrbanVault’s Chennai entry therefore comes at a time when the flex workspace sector is expanding beyond traditional coworking demand. With GCCs, large enterprises and hybrid work continuing to shape office requirements, India’s flexible office market is increasingly becoming a core part of the commercial real estate landscape.
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