Madrid ($42/sqft, 8.6% vacancy) and Zurich ($105/sqft, 3.8% vacancy) compete on different axes: Madrid on rent and tax and Zurich on talent depth.
Madrid ($42/sqft, 8.6% vacancy) and Zurich ($105/sqft, 3.8% vacancy) compete on different axes: Madrid on rent and tax and Zurich on talent depth.
| Metric | Madrid | Zurich |
|---|---|---|
| Region | EMEA | EMEA |
| Country | Spain | Switzerland |
| Class A rent (USD/sqft/yr) | $42 | $105 |
| Class A rent (local) | 38 EUR | 95 CHF |
| Vacancy | 8.6% | 3.8% |
| Trend | rising | flat |
| Prime yield | 4.6% | 3.2% |
| Premium flex / seat / month (USD) | $780 | $1,280 |
| Submarkets covered | 5 | 5 |
| Corporate tax | 25% | 19.7% |
| Metric | Madrid | Zurich |
|---|---|---|
| Typical term | 7 yrs | 7 yrs |
| Typical rent-free | 14 mos | 6 mos |
| Lease norms | Standard 5-year lease with 5-year extension option (5+5). Rent indexed to CPI annually. Service charges billed separately. Tenant typically pays IBI (real estate tax) and basura (waste tax). Bank guarantee of 3-6 months standard. | Standard 5-10 year leases. Rent indexed to Swiss CPI annually. Nebenkosten billed separately. Cautio (deposit) of 3-6 months standard. Cantonal stamp duty applies. |
| Tax note | Headline corporate tax 25%. Madrid region offers some of Spain's most competitive personal income tax rates. | Effective combined federal + cantonal + municipal corporate tax in Zurich approximately 19.7%. Switzerland's tax cooperation regimes for multinationals (e.g. Patent Box) are meaningful. |
| Metric | Madrid | Zurich |
|---|---|---|
| Talent index (0–100) | 78 | 96 |
| Talent note | Iberian peninsula's deepest financial-services and tech talent pool. Average all-in compensation indexes 78. | Deepest financial and pharma talent pool in continental Europe per capita. Average all-in compensation indexes 96. |
Madrid: Madrid Metro covers all Class A clusters. AVE high-speed rail to Barcelona, Valencia, Seville, and Lisbon. Madrid-Barajas Airport is 12-25 minutes from CBD by Metro.
Zurich: Zurich Hauptbahnhof anchors SBB and S-Bahn. Tram network covers the central city. Zurich Airport is 12 minutes by S-Bahn.
Madrid is the cheaper Class A market on a USD basis.
Zurich has the deeper talent index (96/100 vs 78/100).
Zurich has the lower headline corporate tax (19.7% vs 25%). Local incentives can change the effective rate materially.
Madrid typical term is 7 years with 14 months free; Zurich runs 7 years with 6 months free.
Madrid: Madrid Metro covers all Class A clusters. AVE high-speed rail to Barcelona, Valencia, Seville, and Lisbon. Madrid-Barajas Airport is 12-25 minutes from CBD by Metro. Zurich: Zurich Hauptbahnhof anchors SBB and S-Bahn. Tram network covers the central city. Zurich Airport is 12 minutes by S-Bahn.
Score Madrid, Zurich 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.