Buenos Aires ($14/sqft, 17.4% vacancy) and São Paulo ($40/sqft, 19.4% vacancy) compete on different axes: Buenos Aires on talent depth and São Paulo on rent and tax.
Buenos Aires ($14/sqft, 17.4% vacancy) and São Paulo ($40/sqft, 19.4% vacancy) compete on different axes: Buenos Aires on talent depth and São Paulo on rent and tax.
| Metric | Buenos Aires | São Paulo |
|---|---|---|
| Region | Americas | Americas |
| Country | Argentina | Brazil |
| Class A rent (USD/sqft/yr) | $14 | $40 |
| Class A rent (local) | 14 USD | 200 BRL |
| Vacancy | 17.4% | 19.4% |
| Trend | flat | rising |
| Prime yield | 8.8% | 7.6% |
| Premium flex / seat / month (USD) | $280 | $380 |
| Submarkets covered | 5 | 5 |
| Corporate tax | 35% | 34% |
| Metric | Buenos Aires | São Paulo |
|---|---|---|
| Typical term | 5 yrs | 5 yrs |
| Typical rent-free | 5 mos | 6 mos |
| Lease norms | Net leases. 3-5 year terms. Trophy international leases predominantly USD-denominated with USD payment required. Domestic peso leases include high inflation indexation. | Net leases. 5-year terms standard with statutory renewal rights under Brazilian commercial lease law (Lei do Inquilinato). Free rent of 4-9 months and TI of BRL 600-1,200/sqm typical. |
| Tax note | 25-35% Argentine federal corporate income tax (graduated). 21% VAT. Gross income tax (provincial), various municipal taxes. FX restrictions and capital controls historically apply. | 15% federal IRPJ corporate tax plus 9% CSLL plus 10% surcharge on profits above BRL 240k = effective 34%. Plus PIS/COFINS, ISS (municipal), and ICMS (state) for various activities. |
| Metric | Buenos Aires | São Paulo |
|---|---|---|
| Talent index (0–100) | 82 | 80 |
| Talent note | Deepest tech engineering and creative talent in Latin America (per capita). Strong feed from UBA, ITBA, UADE. Spanish-English bilingual professional base. Cost arbitrage versus US/Europe is structural — material for tech engineering services. | Deep banking, professional services, and tech talent. Strong feed from USP, FGV, Insper, and ITA. Portuguese-English bilingual professional base in international corporate. |
Buenos Aires: Buenos Aires Subte (6 lines), Metrobús (BRT), commuter rail (Sarmiento, Mitre, San Martín, others). Ezeiza International Airport (EZE) bus-served; Aeroparque (AEP) closer to the city.
São Paulo: São Paulo Metro (6 lines), CPTM commuter rail, monorail. Guarulhos International Airport (GRU) connected via CPTM Line 13. Congonhas Airport (CGH) closer to the city.
Buenos Aires is the cheaper Class A market on a USD basis.
Buenos Aires has the deeper talent index (82/100 vs 80/100).
São Paulo has the lower headline corporate tax (34% vs 35%). Local incentives can change the effective rate materially.
Buenos Aires typical term is 5 years with 5 months free; São Paulo runs 5 years with 6 months free.
Buenos Aires: Buenos Aires Subte (6 lines), Metrobús (BRT), commuter rail (Sarmiento, Mitre, San Martín, others). Ezeiza International Airport (EZE) bus-served; Aeroparque (AEP) closer to the city. São Paulo: São Paulo Metro (6 lines), CPTM commuter rail, monorail. Guarulhos International Airport (GRU) connected via CPTM Line 13. Congonhas Airport (CGH) closer to the city.
Score Buenos Aires, São Paulo 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.