Melbourne ($468/sqft, 18.4% vacancy) and Mumbai ($46/sqft, 12.6% vacancy) compete on different axes: Melbourne on talent depth and Mumbai on rent and tax.
Melbourne ($468/sqft, 18.4% vacancy) and Mumbai ($46/sqft, 12.6% vacancy) compete on different axes: Melbourne on talent depth and Mumbai on rent and tax.
| Metric | Melbourne | Mumbai |
|---|---|---|
| Region | APAC | APAC |
| Country | Australia | India |
| Class A rent (USD/sqft/yr) | $468 | $46 |
| Class A rent (local) | 720 AUD | 320 INR |
| Vacancy | 18.4% | 12.6% |
| Trend | softening | rising |
| Prime yield | 5.4% | 7.5% |
| Premium flex / seat / month (USD) | $720 | $420 |
| Submarkets covered | 5 | 4 |
| Corporate tax | 30% | 25.2% |
| Metric | Melbourne | Mumbai |
|---|---|---|
| Typical term | 7 yrs | 5 yrs |
| Typical rent-free | 14 mos | 4 mos |
| Lease norms | Net leases. 7-10 year terms standard. Incentives of 30-45% (combination of free rent, fitout, and rent abatement) typical on a 10-year Class A deal. | 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 | 30% Australian corporate tax (25% for base rate entities). Victorian state payroll tax of 4.85-6.85%. R&D tax incentive available federally. | Headline corporate tax 25.2% (concessional 17.16% for new manufacturing). Maharashtra state taxes apply. |
| Metric | Melbourne | Mumbai |
|---|---|---|
| Talent index (0–100) | 84 | 60 |
| Talent note | Deep professional services, banking, education, and creative talent. Strong feed from University of Melbourne, Monash, and RMIT. English-fluent professional base; multicultural workforce. | India's deepest financial-services and tech talent pool. Average all-in compensation indexes 60. |
Melbourne: Metro Trains (suburban rail), Yarra Trams (the world's largest tram network), and bus. Melbourne Metro Tunnel opens 2025 — adds five new stations under the CBD.
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.
Melbourne has the deeper talent index (84/100 vs 60/100).
Mumbai has the lower headline corporate tax (25.2% vs 30%). Local incentives can change the effective rate materially.
Melbourne typical term is 7 years with 14 months free; Mumbai runs 5 years with 4 months free.
Melbourne: Metro Trains (suburban rail), Yarra Trams (the world's largest tram network), and bus. Melbourne Metro Tunnel opens 2025 — adds five new stations under the CBD. 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 Melbourne, 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 Kenji Watanabe — APAC contributing editor. Last updated 2026-04-15. See our methodology and editorial standards.