Hong Kong ($186/sqft, 12.8% vacancy) and Mumbai ($46/sqft, 12.6% vacancy) compete on different axes: Hong Kong on talent depth and Mumbai on rent and tax.
Hong Kong ($186/sqft, 12.8% vacancy) and Mumbai ($46/sqft, 12.6% vacancy) compete on different axes: Hong Kong on talent depth and Mumbai on rent and tax.
| Metric | Hong Kong | Mumbai |
|---|---|---|
| Region | APAC | APAC |
| Country | Hong Kong SAR | India |
| Class A rent (USD/sqft/yr) | $186 | $46 |
| Class A rent (local) | 1450 HKD | 320 INR |
| Vacancy | 12.8% | 12.6% |
| Trend | softening | rising |
| Prime yield | 3.4% | 7.5% |
| Premium flex / seat / month (USD) | $1,320 | $420 |
| Submarkets covered | 5 | 4 |
| Corporate tax | 16.5% | 25.2% |
| Metric | Hong Kong | Mumbai |
|---|---|---|
| Typical term | 3 yrs | 5 yrs |
| Typical rent-free | 8 mos | 4 mos |
| Lease norms | Hong Kong leases are typically 3 years (with renewal option) or 6 years on the trophy tier. Rent-free of 6-12 months on a 3-year term is current market. Rent is gross with management fees billed separately. Stamp duty is payable on lease execution. Bank guarantees of 3 months are standard. | Standard 5-year lease (often 3+2 or 5+5). Rent quoted as INR per square foot per month. Maintenance billed separately. Security deposit of 6-12 months standard. Stamp duty payable on lease execution. |
| Tax note | Profits tax at 16.5% (8.25% on the first HKD 2 million for qualifying entities). No VAT, no capital gains tax, no withholding tax on dividends. | Headline corporate tax 25.2% (concessional 17.16% for new manufacturing). Maharashtra state taxes apply. |
| Metric | Hong Kong | Mumbai |
|---|---|---|
| Talent index (0–100) | 88 | 60 |
| Talent note | Premium financial-services talent depth, particularly for cross-border China-mainland mandates. Average all-in compensation indexes 88 vs. New York's 100. | India's deepest financial-services and tech talent pool. Average all-in compensation indexes 60. |
Hong Kong: MTR coverage across the entire Class A footprint. Airport Express to Chek Lap Kok in 24 minutes from Central. The Hong Kong-Zhuhai-Macau Bridge and Express Rail to Shenzhen and Guangzhou support cross-border occupier strategies.
Mumbai: Mumbai Suburban Railway is the primary mass transit. Mumbai Metro is expanding rapidly. Direct connection between BKC and the CBD remains the key infrastructure constraint.
Mumbai is the cheaper Class A market on a USD basis.
Hong Kong has the deeper talent index (88/100 vs 60/100).
Hong Kong has the lower headline corporate tax (16.5% vs 25.2%). Local incentives can change the effective rate materially.
Hong Kong typical term is 3 years with 8 months free; Mumbai runs 5 years with 4 months free.
Hong Kong: MTR coverage across the entire Class A footprint. Airport Express to Chek Lap Kok in 24 minutes from Central. The Hong Kong-Zhuhai-Macau Bridge and Express Rail to Shenzhen and Guangzhou support cross-border occupier strategies. Mumbai: Mumbai Suburban Railway is the primary mass transit. Mumbai Metro is expanding rapidly. Direct connection between BKC and the CBD remains the key infrastructure constraint.
Score Hong Kong, Mumbai 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 Kenji Watanabe — APAC contributing editor. Last updated 2026-04-15. See our methodology and editorial standards.