Hong Kong ($186/sqft, 12.8% vacancy) and Seoul ($102/sqft, 5.2% vacancy) compete on different axes: Hong Kong on talent depth and Seoul on rent and tax.
Hong Kong ($186/sqft, 12.8% vacancy) and Seoul ($102/sqft, 5.2% vacancy) compete on different axes: Hong Kong on talent depth and Seoul on rent and tax.
| Metric | Hong Kong | Seoul |
|---|---|---|
| Region | APAC | APAC |
| Country | Hong Kong SAR | South Korea |
| Class A rent (USD/sqft/yr) | $186 | $102 |
| Class A rent (local) | 1450 HKD | 142000 KRW |
| Vacancy | 12.8% | 5.2% |
| Trend | softening | rising |
| Prime yield | 3.4% | 4% |
| Premium flex / seat / month (USD) | $1,320 | $880 |
| Submarkets covered | 5 | 6 |
| Corporate tax | 16.5% | 24.2% |
| Metric | Hong Kong | Seoul |
|---|---|---|
| Typical term | 3 yrs | 5 yrs |
| Typical rent-free | 8 mos | 6 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). Rent + management fees billed separately. Large jeonse (lease deposit) common — 10-20x monthly rent. Reinstatement contractual. |
| 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 corporate tax 24.2% (after surtax). Local taxes apply. |
| Metric | Hong Kong | Seoul |
|---|---|---|
| Talent index (0–100) | 88 | 82 |
| 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 tech (Samsung, LG, Naver, Kakao) and finance talent pool in Korea. Average all-in compensation indexes 82. |
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.
Seoul: Seoul Metro covers every Class A address. KTX high-speed rail to Busan and other regional centres. Incheon Airport is 53 minutes by AREX express.
Seoul is the cheaper Class A market on a USD basis.
Hong Kong has the deeper talent index (88/100 vs 82/100).
Hong Kong has the lower headline corporate tax (16.5% vs 24.2%). Local incentives can change the effective rate materially.
Hong Kong typical term is 3 years with 8 months free; Seoul runs 5 years with 6 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. Seoul: Seoul Metro covers every Class A address. KTX high-speed rail to Busan and other regional centres. Incheon Airport is 53 minutes by AREX express.
Score Hong Kong, Seoul 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.