Dublin ($70/sqft, 14.3% vacancy) and Madrid ($42/sqft, 8.6% vacancy) compete on different axes: Dublin on talent depth and Madrid on rent and tax.
Dublin ($70/sqft, 14.3% vacancy) and Madrid ($42/sqft, 8.6% vacancy) compete on different axes: Dublin on talent depth and Madrid on rent and tax.
| Metric | Dublin | Madrid |
|---|---|---|
| Region | EMEA | EMEA |
| Country | Ireland | Spain |
| Class A rent (USD/sqft/yr) | $70 | $42 |
| Class A rent (local) | 65 EUR | 38 EUR |
| Vacancy | 14.3% | 8.6% |
| Trend | softening | rising |
| Prime yield | 4.8% | 4.6% |
| Premium flex / seat / month (USD) | $720 | $780 |
| Submarkets covered | 5 | 5 |
| Corporate tax | 12.5% | 25% |
| Metric | Dublin | Madrid |
|---|---|---|
| Typical term | 10 yrs | 7 yrs |
| Typical rent-free | 12 mos | 14 mos |
| Lease norms | FRI (Full Repairing and Insuring) leases dominate. 10-year terms with tenant break options at year 5 standard. Free rent of 9-15 months and TI of €60-€110/sqm typical. | Standard 5-year lease with 5-year extension option (5+5). Rent indexed to CPI annually. Service charges billed separately. Tenant typically pays IBI (real estate tax) and basura (waste tax). Bank guarantee of 3-6 months standard. |
| Tax note | 12.5% headline corporate tax on trading income; 25% on passive income. Knowledge Development Box (KDB) effective 6.25% rate available for qualifying IP income. R&D tax credit at 30% supplements. | Headline corporate tax 25%. Madrid region offers some of Spain's most competitive personal income tax rates. |
| Metric | Dublin | Madrid |
|---|---|---|
| Talent index (0–100) | 86 | 78 |
| Talent note | Deep tech, pharma, finance, and legal services talent. EU talent pool accessible without immigration friction. Strong feed from TCD, UCD, and the broader Irish university system. | Iberian peninsula's deepest financial-services and tech talent pool. Average all-in compensation indexes 78. |
Dublin: Dublin Bus, Luas tram (Red, Green Lines), DART rail. MetroLink under construction (target 2031). Dublin Airport is bus-served (no rail). The Docklands trophy core is Luas Red Line and DART-served.
Madrid: Madrid Metro covers all Class A clusters. AVE high-speed rail to Barcelona, Valencia, Seville, and Lisbon. Madrid-Barajas Airport is 12-25 minutes from CBD by Metro.
Madrid is the cheaper Class A market on a USD basis.
Dublin has the deeper talent index (86/100 vs 78/100).
Dublin has the lower headline corporate tax (12.5% vs 25%). Local incentives can change the effective rate materially.
Dublin typical term is 10 years with 12 months free; Madrid runs 7 years with 14 months free.
Dublin: Dublin Bus, Luas tram (Red, Green Lines), DART rail. MetroLink under construction (target 2031). Dublin Airport is bus-served (no rail). The Docklands trophy core is Luas Red Line and DART-served. Madrid: Madrid Metro covers all Class A clusters. AVE high-speed rail to Barcelona, Valencia, Seville, and Lisbon. Madrid-Barajas Airport is 12-25 minutes from CBD by Metro.
Score Dublin, Madrid 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 Samuel Okafor — EMEA contributing editor. Last updated 2026-04-15. See our methodology and editorial standards.