Chicago ($52/sqft, 24.5% vacancy) and Miami ($78/sqft, 11.8% vacancy) compete on different axes: Chicago on talent depth and Miami on rent and tax.
Chicago ($52/sqft, 24.5% vacancy) and Miami ($78/sqft, 11.8% vacancy) compete on different axes: Chicago on talent depth and Miami on rent and tax.
| Metric | Chicago | Miami |
|---|---|---|
| Region | Americas | Americas |
| Country | United States | United States |
| Class A rent (USD/sqft/yr) | $52 | $78 |
| Class A rent (local) | 52 USD | 78 USD |
| Vacancy | 24.5% | 11.8% |
| Trend | flat | rising |
| Prime yield | 7% | 5.4% |
| Premium flex / seat / month (USD) | $920 | $920 |
| Submarkets covered | 6 | 5 |
| Corporate tax | 28.5% | 21% |
| Metric | Chicago | Miami |
|---|---|---|
| Typical term | 10 yrs | 7 yrs |
| Typical rent-free | 22 mos | 9 mos |
| Lease norms | Modified-gross with op-ex escalations over a base year. Rent-free 18-30 months and TI $120-$200/sqft on a 10-year term are current market. | Modified-gross structures dominate; 7-10 year terms are common. Free rent of 6-12 months and TI of $80-$140/sqft typical on a 10-year deal. Personal guarantees common for sub-investment-grade tenants. |
| Tax note | Combined federal + Illinois corporate tax effectively 28.5%. Cook County personal property lease transaction tax applies. | 21% federal corporate income tax; no Florida state corporate income tax for most pass-through structures. Florida assesses a 5.5% corporate income tax on C-corps. No personal income tax. |
| Metric | Chicago | Miami |
|---|---|---|
| Talent index (0–100) | 88 | 78 |
| Talent note | Deep professional-services, fintech, and trading talent pool. Average all-in compensation indexes 88 vs. New York. | Strong bilingual (Spanish-English) finance and legal talent. Deep Latin American banking, asset management, and family-office concentrations. Tech talent is shallower than NY/SF but growing rapidly. |
Chicago: CTA L lines and Metra commuter rail. Union Station and Ogilvie anchor commuter rail; Loop Elevated lines circle the historic CBD.
Miami: Metromover (free downtown), Metrorail to Brickell and Government Center, Brightline regional rail, MIA Mover from Miami International Airport. Brickell and Downtown are walkable; Wynwood and Coral Gables remain car-dependent.
Chicago is the cheaper Class A market on a USD basis.
Chicago has the deeper talent index (88/100 vs 78/100).
Miami has the lower headline corporate tax (21% vs 28.5%). Local incentives can change the effective rate materially.
Chicago typical term is 10 years with 22 months free; Miami runs 7 years with 9 months free.
Chicago: CTA L lines and Metra commuter rail. Union Station and Ogilvie anchor commuter rail; Loop Elevated lines circle the historic CBD. Miami: Metromover (free downtown), Metrorail to Brickell and Government Center, Brightline regional rail, MIA Mover from Miami International Airport. Brickell and Downtown are walkable; Wynwood and Coral Gables remain car-dependent.
Score Chicago, Miami 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.