Lisbon ($30/sqft, 7.8% vacancy) and São Paulo ($40/sqft, 19.4% vacancy) compete on different axes: Lisbon on rent and tax and São Paulo on talent depth.
Lisbon ($30/sqft, 7.8% vacancy) and São Paulo ($40/sqft, 19.4% vacancy) compete on different axes: Lisbon on rent and tax and São Paulo on talent depth.
| Metric | Lisbon | São Paulo |
|---|---|---|
| Region | EMEA | Americas |
| Country | Portugal | Brazil |
| Class A rent (USD/sqft/yr) | $30 | $40 |
| Class A rent (local) | 28 EUR | 200 BRL |
| Vacancy | 7.8% | 19.4% |
| Trend | rising | rising |
| Prime yield | 5.4% | 7.6% |
| Premium flex / seat / month (USD) | $480 | $380 |
| Submarkets covered | 5 | 5 |
| Corporate tax | 21% | 34% |
| Metric | Lisbon | São Paulo |
|---|---|---|
| Typical term | 5 yrs | 5 yrs |
| Typical rent-free | 4 mos | 6 mos |
| Lease norms | Net leases. 5-year terms with optional renewal standard. Free rent of 3-5 months and TI of €50-€90/sqm typical. | Net leases. 5-year terms standard with statutory renewal rights under Brazilian commercial lease law (Lei do Inquilinato). Free rent of 4-9 months and TI of BRL 600-1,200/sqm typical. |
| Tax note | 21% Portuguese corporate income tax (IRC) plus municipal surcharge of up to 1.5% plus state surcharge for large profits. IFICI regime for inbound qualifying talent provides reduced personal income tax. | 15% federal IRPJ corporate tax plus 9% CSLL plus 10% surcharge on profits above BRL 240k = effective 34%. Plus PIS/COFINS, ISS (municipal), and ICMS (state) for various activities. |
| Metric | Lisbon | São Paulo |
|---|---|---|
| Talent index (0–100) | 78 | 80 |
| Talent note | Deep tech, BPO, and creative talent. Strong feed from Universidade de Lisboa, Universidade Nova, and ISCTE. English-fluent professional base supports international corporate HQs. | Deep banking, professional services, and tech talent. Strong feed from USP, FGV, Insper, and ITA. Portuguese-English bilingual professional base in international corporate. |
Lisbon: Metropolitano de Lisboa (4 lines), CP suburban rail, and bus. Lisbon Airport (LIS) is on Metro Red Line (~20 minutes to Saldanha). New airport (Alcochete) under planning.
São Paulo: São Paulo Metro (6 lines), CPTM commuter rail, monorail. Guarulhos International Airport (GRU) connected via CPTM Line 13. Congonhas Airport (CGH) closer to the city.
Lisbon is the cheaper Class A market on a USD basis.
São Paulo has the deeper talent index (80/100 vs 78/100).
Lisbon has the lower headline corporate tax (21% vs 34%). Local incentives can change the effective rate materially.
Lisbon typical term is 5 years with 4 months free; São Paulo runs 5 years with 6 months free.
Lisbon: Metropolitano de Lisboa (4 lines), CP suburban rail, and bus. Lisbon Airport (LIS) is on Metro Red Line (~20 minutes to Saldanha). New airport (Alcochete) under planning. São Paulo: São Paulo Metro (6 lines), CPTM commuter rail, monorail. Guarulhos International Airport (GRU) connected via CPTM Line 13. Congonhas Airport (CGH) closer to the city.
Score Lisbon, São Paulo 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.