Coworking solutions firm Urban Vault has successfully subleased 16,000 square feet of prime office space in Gurugram to Green SM, an innovative electric ride-hailing service backed by Vietnam's Vingroup. According to reports from The Economic Times, this deal marks Green SM's inaugural establishment in India, with Urban Vault committed to fostering their growth within the local market. The Bengaluru-based company has delivered Green SM's first office in India - a 16,000 sq ft managed workspace comprising around 500 seats, located on Golf Course Road, Sector 54, Gurugram. As reported by The Hindu BusinessLine, this strategic partnership demonstrates Urban Vault's ability to provide fully managed, flexible, and scalable office solutions across key cities.
Currently, Urban Vault is providing workspace infrastructure with a capacity of approximately 500 seats for Green SM across locations, with this capacity expected to nearly double by the end of the year as the company scales up its operations in India. According to Business Standard, while the company did not disclose the transaction value, the facility will serve as a key operational hub for Green SM as it launches its app-based all-electric taxi service in the country. People in the know told Business Standard that Green SM is also in talks to open more facilities in Gurugram and Noida. Amal Mishra, co-founder and CEO of Urban Vault, stated that the company has partnered with Green SM to support their India growth journey, emphasizing the trust placed in Urban Vault by Green SM reflects their ability to deliver high-quality, scalable, and agile workspace solutions for global enterprises entering India.
According to The Economic Times, Mishra revealed that Urban Vault currently has only one co-working centre in Delhi-NCR but is in talks to open more facilities in Gurugram and Noida. The CEO noted that demand for flexible managed office space is strong across tier I cities, while demand in tier II cities is currently very low but expected to improve gradually. Green SM India CEO Bach Tuan Anh stated that India is a strategic market for Green SM and having a reliable workspace partner is essential for their expansion plans. As reported by The Hindu BusinessLine, Green SM India CEO Bach Tuan Anh emphasized that as they build their presence across the country, having a reliable workspace partner is essential, with Urban Vault's ability to provide fully managed, flexible, and scalable office solutions across key cities aligning perfectly with their expansion plans.
According to Colliers India, co-working operators took on lease 3.9 million sq ft of office space from developers in January-March 2026, representing a 77 per cent rise annually to establish their centres and meet rising demand for flexible workstations from enterprises. As reported by The Economic Times, this significant growth in co-working space demand reflects the increasing preference for flexible workspace solutions across major Indian cities. The substantial increase in co-working space leasing demonstrates the growing market acceptance of flexible office solutions among enterprises seeking scalable workspace solutions. The deal comes at a time when Gurugram is witnessing strong activity in the office leasing market, with a large share being driven by co-working operators.
