Boston ($78/sqft, 19.5% vacancy) and New York ($102/sqft, 17.4% vacancy) compete on different axes: Boston on rent and tax and New York on talent depth.
Boston ($78/sqft, 19.5% vacancy) and New York ($102/sqft, 17.4% vacancy) compete on different axes: Boston on rent and tax and New York on talent depth.
| Metric | Boston | New York |
|---|---|---|
| Region | Americas | Americas |
| Country | United States | United States |
| Class A rent (USD/sqft/yr) | $78 | $102 |
| Class A rent (local) | 78 USD | 102 USD |
| Vacancy | 19.5% | 17.4% |
| Trend | flat | rising |
| Prime yield | 6.2% | 5.6% |
| Premium flex / seat / month (USD) | $1,140 | $1,450 |
| Submarkets covered | 6 | 7 |
| Corporate tax | 28% | 27.5% |
| Metric | Boston | New York |
|---|---|---|
| Typical term | 10 yrs | 10 yrs |
| Typical rent-free | 18 mos | 14 mos |
| Lease norms | Modified-gross with op-ex escalations. Rent-free 18-24 months on 10-year term standard. Lab leases carry distinct economics — base rent plus operating expenses plus utilities pass-through. | Manhattan leases are predominantly modified-gross structures with operating-expense and real-estate-tax escalations over a base year. Free rent (12-18 months on a 10-year term) and fit-out-capex">tenant improvement allowances ($130-$180/sqft for high-spec build-outs) are core economic levers. Personal guarantees are uncommon at institutional tenant scale; Good Guy Guarantees remain standard for smaller suites. |
| Tax note | Combined federal + Massachusetts corporate tax 28%. | Combined federal + New York State + NYC corporate income tax effectively reaches 27.5% for most C-corps. New York City Commercial Rent Tax (CRT) applies to Manhattan tenants south of 96th Street paying base rents above $250,000. |
| Metric | Boston | New York |
|---|---|---|
| Talent index (0–100) | 95 | 100 |
| Talent note | Deepest STEM and life-sciences talent pool in the US — anchored by MIT, Harvard, BU. Average all-in compensation indexes 95. | Deepest white-collar talent pool in the Americas. Average all-in compensation for senior knowledge workers indexes 100 (the global baseline used elsewhere in this Atlas). |
Boston: MBTA subway, commuter rail, and Logan Airport access. Silver Line connects the Seaport to South Station.
New York: MTA subway lines, Metro-North, LIRR, and PATH converge on Midtown and the Financial District, anchored by Grand Central, Penn Station, and the Oculus. Class A landlords now factor commute time as part of their leasing pitch.
Boston is the cheaper Class A market on a USD basis.
New York has the deeper talent index (100/100 vs 95/100).
New York has the lower headline corporate tax (27.5% vs 28%). Local incentives can change the effective rate materially.
Boston typical term is 10 years with 18 months free; New York runs 10 years with 14 months free.
Boston: MBTA subway, commuter rail, and Logan Airport access. Silver Line connects the Seaport to South Station. New York: MTA subway lines, Metro-North, LIRR, and PATH converge on Midtown and the Financial District, anchored by Grand Central, Penn Station, and the Oculus. Class A landlords now factor commute time as part of their leasing pitch.
Score Boston, New York and up to two more markets side-by-side on Class A rent, vacancy, talent, corporate tax, and premium flex pricing — all in USD.
Reviewed by Miriam Hollander — Lead market analyst. Last updated 2026-04-15. See our methodology and editorial standards.