Urban Vault rents 50,000 sq ft office space in Bengaluru

New Delhi, May 22 (PTI) Co-working firm Urban Vault has rented 50,000 square feet office space in Bengaluru to open a new centre with 1,000 desks, as part of its efforts to expand business to meet rising demand of managed flexible workspaces.

In a statement on Thursday, Urban Vault said it has leased about 50,000 square feet of office space at Prestige Group's project 'Prestige Obelisk', located on Kasturba Road in Bengaluru's Central Business District (CBD).

This new centre will accommodate close to 1,000 seats, each costing Rs 10,000.

Urban Vault has a portfolio of over 20 lakh (2 million) sq ft and 30,000+ desks across India.

Prestige Obelisk is an 11-storey Grade A commercial building offering a total of around 1.8 lakh sq ft of modern office space.

The land was originally owned by Zackria Hashim and Sadath Ali Kahan, Co-Founders of KRPL Ventures LLP, who currently own multiple floors in the building. Urban Vault has leased its new space from them.

Amal Mishra, Founder and CEO of Urban Vault, said, "As demand grows for premium managed workspaces, we are focused on bringing world-class infrastructure to India’s top business districts.” Zackria Hashim said, "Their (Urban Vault) consistent focus on premium, flexible workspaces aligns well with our vision of providing best-in-class commercial real estate.” Founded in 2018, Urban Vault is a bootstrapped managed office space provider based in Bengaluru.

According to property consultant Vestian, co-working or flexible office space operators portfolio is set to cross 100 million sq ft by 2026-end from 67 million square feet at the end of June last year.

Peush Jain, MD-Commercial Leasing and Advisory, Anarock Group, said the demand for flexible office spaces would continue to grow as more companies opt for cost optimization whilst ensuring employee welfare. PTI MJH DRR