Urban Vault Sub-Leases 16K Sq Ft Office Space in Gurugram to Electric Ride-Hailing Company Green SM.
Urban Vault, a coworking solutions provider, has solidified its position in the Indian market by sub-leasing a significant 16,000 sq ft office space in Gurugram to Green SM, an electric ride-hailing service backed by Vietnam’s Vingroup. This strategic agreement marks Green SM’s inaugural foray into India and reflects Urban Vault’s broader ambition within the coworking sector, which spans a portfolio of over 2.80 million sq ft and encompasses more than 70,000 seats across 80 locations primarily in Bengaluru, Pune, and Gurugram.
Amal Mishra, co-founder and CEO of Urban Vault, highlighted the strong demand for flexible managed office spaces, particularly in tier I cities, where the need is most pronounced. This demand is corroborated by recent data from Colliers India, indicating that coworking operators leased a remarkable 3.9 million sq ft of office space in the first quarter of 2026, a staggering 77% increase from the prior year. Such trends illustrate the rapidly growing appetite for flexible work environments as enterprises adapt to evolving operational requirements.
Green SM’s presence in India represents a significant opportunity for Urban Vault, illustrating the firm’s capability to deliver tailored, high-quality workspace solutions that cater to the needs of emerging global enterprises. The relationship underscores the effectiveness of Urban Vault’s business model, which emphasizes agile and scalable office environments, essential for companies venturing into new markets. Moving forward, Urban Vault is exploring further expansion in the Delhi-NCR region, indicating a proactive approach to capitalize on the increasing demand for coworking space in major urban centers.
Despite the strong performance in tier I cities, it is noteworthy that demand in tier II cities remains comparatively subdued. However, with an optimistic outlook for gradual improvement in these markets, Urban Vault’s partnership with Green SM positions it strategically to leverage future growth opportunities as the demand landscape evolves. This partnership not only augments Urban Vault’s visibility and market share but also establishes its reputation as a reliable workspace partner for international brands seeking to expand in India.
Source: The Economic Times
(Expert Note: This report was prepared by the Wealthova team.)