London ($121/sqft, 8.6% vacancy) and Mumbai ($46/sqft, 12.6% vacancy) compete on different axes: London on talent depth and Mumbai on rent and tax.
London ($121/sqft, 8.6% vacancy) and Mumbai ($46/sqft, 12.6% vacancy) compete on different axes: London on talent depth and Mumbai on rent and tax.
| Metric | London | Mumbai |
|---|---|---|
| Region | EMEA | APAC |
| Country | United Kingdom | India |
| Class A rent (USD/sqft/yr) | $121 | $46 |
| Class A rent (local) | 95 GBP | 320 INR |
| Vacancy | 8.6% | 12.6% |
| Trend | rising | rising |
| Prime yield | 4.5% | 7.5% |
| Premium flex / seat / month (USD) | $1,380 | $420 |
| Submarkets covered | 7 | 4 |
| Corporate tax | 25% | 25.2% |
| Metric | London | Mumbai |
|---|---|---|
| Typical term | 10 yrs | 5 yrs |
| Typical rent-free | 24 mos | 4 mos |
| Lease norms | London leases are predominantly Full Repairing and Insuring (FRI). Tenant pays service charge and is responsible for dilapidations on lease end. Rent reviews to open-market rent every 5 years are standard. Rent-free periods of 18-30 months on a 10-year term are typical, with 'capped' rent-free for break-clause certainty. Personal guarantees are uncommon for institutional tenants; rent deposits are common for younger covenants. | 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 | UK corporation tax is 25% (19% small profits rate). Business rates are a major occupancy cost — ~50% of rateable value annually, levied separately from rent and service charge. | Headline corporate tax 25.2% (concessional 17.16% for new manufacturing). Maharashtra state taxes apply. |
| Metric | London | Mumbai |
|---|---|---|
| Talent index (0–100) | 96 | 60 |
| Talent note | Largest financial-services and technology talent pool in EMEA. Average all-in compensation indexes 96 vs. New York's 100. | India's deepest financial-services and tech talent pool. Average all-in compensation indexes 60. |
London: The Elizabeth Line transformed cross-London commute times. Heathrow to Liverpool Street is 35 minutes; Paddington to Canary Wharf is 17 minutes. Crossrail-adjacent assets command a measurable rent premium.
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.
London has the deeper talent index (96/100 vs 60/100).
London has the lower headline corporate tax (25% vs 25.2%). Local incentives can change the effective rate materially.
London typical term is 10 years with 24 months free; Mumbai runs 5 years with 4 months free.
London: The Elizabeth Line transformed cross-London commute times. Heathrow to Liverpool Street is 35 minutes; Paddington to Canary Wharf is 17 minutes. Crossrail-adjacent assets command a measurable rent premium. 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 London, 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 Samuel Okafor — EMEA contributing editor. Last updated 2026-04-15. See our methodology and editorial standards.