Hong Kong ($186/sqft, 12.8% vacancy) and New York ($102/sqft, 17.4% vacancy) compete on different axes: Hong Kong on rent and tax and New York on talent depth.
Hong Kong ($186/sqft, 12.8% vacancy) and New York ($102/sqft, 17.4% vacancy) compete on different axes: Hong Kong on rent and tax and New York on talent depth.
| Metric | Hong Kong | New York |
|---|---|---|
| Region | APAC | Americas |
| Country | Hong Kong SAR | United States |
| Class A rent (USD/sqft/yr) | $186 | $102 |
| Class A rent (local) | 1450 HKD | 102 USD |
| Vacancy | 12.8% | 17.4% |
| Trend | softening | rising |
| Prime yield | 3.4% | 5.6% |
| Premium flex / seat / month (USD) | $1,320 | $1,450 |
| Submarkets covered | 5 | 7 |
| Corporate tax | 16.5% | 27.5% |
| Metric | Hong Kong | New York |
|---|---|---|
| Typical term | 3 yrs | 10 yrs |
| Typical rent-free | 8 mos | 14 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. | Manhattan leases are predominantly modified-gross structures with operating-expense and real-estate-tax escalations over a base year. Free rent (12-18 months on a 10-year term) and fit-out-capex">tenant improvement allowances ($130-$180/sqft for high-spec build-outs) are core economic levers. Personal guarantees are uncommon at institutional tenant scale; Good Guy Guarantees remain standard for smaller suites. |
| 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. | Combined federal + New York State + NYC corporate income tax effectively reaches 27.5% for most C-corps. New York City Commercial Rent Tax (CRT) applies to Manhattan tenants south of 96th Street paying base rents above $250,000. |
| Metric | Hong Kong | New York |
|---|---|---|
| Talent index (0–100) | 88 | 100 |
| 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. | Deepest white-collar talent pool in the Americas. Average all-in compensation for senior knowledge workers indexes 100 (the global baseline used elsewhere in this Atlas). |
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.
New York: MTA subway lines, Metro-North, LIRR, and PATH converge on Midtown and the Financial District, anchored by Grand Central, Penn Station, and the Oculus. Class A landlords now factor commute time as part of their leasing pitch.
New York is the cheaper Class A market on a USD basis.
New York has the deeper talent index (100/100 vs 88/100).
Hong Kong has the lower headline corporate tax (16.5% vs 27.5%). Local incentives can change the effective rate materially.
Hong Kong typical term is 3 years with 8 months free; New York runs 10 years with 14 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. New York: MTA subway lines, Metro-North, LIRR, and PATH converge on Midtown and the Financial District, anchored by Grand Central, Penn Station, and the Oculus. Class A landlords now factor commute time as part of their leasing pitch.
Score Hong Kong, New York 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.