Urban Vault to add 10,000 managed co-working seats in Bengaluru this quarter

financialexpress.com:

Urban Vault, one of the leading managed office space providers in India, has announced the addition of 10,000 desks across major micro-markets of Bengaluru as part of the company’s strategy to expand its portfolio to meet the rising demand for flexible workspaces.

Founded in 2018, Urban Vault currently has 15,000 desks across 40 centres in Bengaluru. The total area under its portfolio is 10 lakh square feet. With this latest addition, Urban Vault’s total inventory of managed co-working seats in Bengaluru will surge to an impressive 25,000.

“There is a huge demand for managed flex spaces from corporates of all sizes. We are expanding our portfolio in a big way. We are adding 10,000 seats across prime locations in Bengaluru,” Urban Vault’s Co-founder and CEO Amal Mishra said.

The company will add around 3,000 seats in Sarjapur Road, 3,000 seats in Hebbal, 2,000 seats in Koramangala, and 1,000 seats in HSR Layout.

The average rental cost per seat is Rs 10,000.

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With addition of 10,000 desks, Urban Vault’s total portfolio will reach 25,000 desks in Bengaluru. The number of centres will increase to 45 and the total area under the portfolio will reach 15 lakh square feet.

“Flexible workspace has become a preferred option for corporates looking to expand their businesses. Even those companies which are accustomed to traditional office setups are opting not to renew their lease agreements, instead transitioning towards co-working spaces,” Mishra said while talking about the potential of the flex space market.

Managed office space offers flexibility and helps corporates save on capital expenditure. “Corporates do not have to worry about managing physical