Chicago ($52/sqft, 24.5% vacancy) and Seattle ($52/sqft, 26.4% vacancy) compete on different axes: Chicago on rent and tax and Seattle on talent depth.
Chicago ($52/sqft, 24.5% vacancy) and Seattle ($52/sqft, 26.4% vacancy) compete on different axes: Chicago on rent and tax and Seattle on talent depth.
| Metric | Chicago | Seattle |
|---|---|---|
| Region | Americas | Americas |
| Country | United States | United States |
| Class A rent (USD/sqft/yr) | $52 | $52 |
| Class A rent (local) | 52 USD | 52 USD |
| Vacancy | 24.5% | 26.4% |
| Trend | flat | softening |
| Prime yield | 7% | 6.7% |
| Premium flex / seat / month (USD) | $920 | $940 |
| Submarkets covered | 6 | 5 |
| Corporate tax | 28.5% | 21% |
| Metric | Chicago | Seattle |
|---|---|---|
| Typical term | 10 yrs | 10 yrs |
| Typical rent-free | 22 mos | 16 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 with operating-expense pass-throughs. 10-12 year terms standard for trophy. Free rent of 12-18 months and TI of $100-$150/sqft typical on a 10-year deal. |
| Tax note | Combined federal + Illinois corporate tax effectively 28.5%. Cook County personal property lease transaction tax applies. | 21% federal corporate income tax. No Washington State corporate income tax. Washington B&O tax applies to gross receipts (rates vary by activity). Seattle JumpStart payroll expense tax applies to tenants with $7M+ payroll. |
| Metric | Chicago | Seattle |
|---|---|---|
| Talent index (0–100) | 88 | 92 |
| Talent note | Deep professional-services, fintech, and trading talent pool. Average all-in compensation indexes 88 vs. New York. | Deepest cloud, AI, and SaaS engineering talent pool in North America. UW and a deep network of T-1 engineering programs feed. Cost-of-living advantage versus Bay Area is structural. |
Chicago: CTA L lines and Metra commuter rail. Union Station and Ogilvie anchor commuter rail; Loop Elevated lines circle the historic CBD.
Seattle: Sound Transit Link light rail (1 Line) extended in 2024 to Lynnwood; East Link to Bellevue / Redmond opening 2025-26. Streetcar serves South Lake Union. King County Metro bus network anchors local commute.
Chicago and Seattle are roughly cost-equivalent in USD/sqft.
Seattle has the deeper talent index (92/100 vs 88/100).
Seattle 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; Seattle runs 10 years with 16 months free.
Chicago: CTA L lines and Metra commuter rail. Union Station and Ogilvie anchor commuter rail; Loop Elevated lines circle the historic CBD. Seattle: Sound Transit Link light rail (1 Line) extended in 2024 to Lynnwood; East Link to Bellevue / Redmond opening 2025-26. Streetcar serves South Lake Union. King County Metro bus network anchors local commute.
Score Chicago, Seattle 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.