Chicago ($52/sqft, 24.5% vacancy) and Toronto ($57/sqft, 17.6% vacancy) compete on different axes: Chicago on talent depth and Toronto on rent and tax.
Chicago ($52/sqft, 24.5% vacancy) and Toronto ($57/sqft, 17.6% vacancy) compete on different axes: Chicago on talent depth and Toronto on rent and tax.
| Metric | Chicago | Toronto |
|---|---|---|
| Region | Americas | Americas |
| Country | United States | Canada |
| Class A rent (USD/sqft/yr) | $52 | $57 |
| Class A rent (local) | 52 USD | 78 CAD |
| Vacancy | 24.5% | 17.6% |
| Trend | flat | flat |
| Prime yield | 7% | 5.5% |
| Premium flex / seat / month (USD) | $920 | $920 |
| Submarkets covered | 6 | 6 |
| Corporate tax | 28.5% | 26.5% |
| Metric | Chicago | Toronto |
|---|---|---|
| Typical term | 10 yrs | 10 yrs |
| Typical rent-free | 22 mos | 18 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. | Net leases — tenant pays a base rent plus a proportional share of operating expenses, realty taxes, and utilities (TMI). Rent-free of 12-24 months on a 10-year term is current market. Bank guarantees common for non-investment-grade covenants. |
| Tax note | Combined federal + Illinois corporate tax effectively 28.5%. Cook County personal property lease transaction tax applies. | Combined federal + Ontario corporate tax 26.5%. Toronto Municipal Land Transfer Tax applies on purchase, not on lease. |
| Metric | Chicago | Toronto |
|---|---|---|
| Talent index (0–100) | 88 | 80 |
| Talent note | Deep professional-services, fintech, and trading talent pool. Average all-in compensation indexes 88 vs. New York. | Deepest financial-services and tech talent pool in Canada. Average all-in compensation indexes 80. |
Chicago: CTA L lines and Metra commuter rail. Union Station and Ogilvie anchor commuter rail; Loop Elevated lines circle the historic CBD.
Toronto: TTC subway plus GO Transit commuter rail converge at Union Station. The PATH connects most Financial Core assets underground.
Chicago is the cheaper Class A market on a USD basis.
Chicago has the deeper talent index (88/100 vs 80/100).
Toronto has the lower headline corporate tax (26.5% vs 28.5%). Local incentives can change the effective rate materially.
Chicago typical term is 10 years with 22 months free; Toronto runs 10 years with 18 months free.
Chicago: CTA L lines and Metra commuter rail. Union Station and Ogilvie anchor commuter rail; Loop Elevated lines circle the historic CBD. Toronto: TTC subway plus GO Transit commuter rail converge at Union Station. The PATH connects most Financial Core assets underground.
Score Chicago, Toronto 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.