Mexico City ($30/sqft, 22.6% vacancy) and São Paulo ($40/sqft, 19.4% vacancy) compete on different axes: Mexico City on rent and tax and São Paulo on talent depth.
Mexico City ($30/sqft, 22.6% vacancy) and São Paulo ($40/sqft, 19.4% vacancy) compete on different axes: Mexico City on rent and tax and São Paulo on talent depth.
| Metric | Mexico City | São Paulo |
|---|---|---|
| Region | Americas | Americas |
| Country | Mexico | Brazil |
| Class A rent (USD/sqft/yr) | $30 | $40 |
| Class A rent (local) | 580 MXN | 200 BRL |
| Vacancy | 22.6% | 19.4% |
| Trend | flat | rising |
| Prime yield | 7.4% | 7.6% |
| Premium flex / seat / month (USD) | $380 | $380 |
| Submarkets covered | 5 | 5 |
| Corporate tax | 30% | 34% |
| Metric | Mexico City | São Paulo |
|---|---|---|
| Typical term | 5 yrs | 5 yrs |
| Typical rent-free | 6 mos | 6 mos |
| Lease norms | Net leases. 5-7 year terms with renewal options. Free rent of 4-9 months and TI of MXN 1,200-2,200/sqm typical. Most trophy leases are USD-pegged for international tenants. | 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 | 30% Mexican corporate income tax (ISR). 16% VAT (IVA). IMMEX (maquiladora) program offers temporary import duty deferrals for export-oriented manufacturing tenants. | 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 | Mexico City | São Paulo |
|---|---|---|
| Talent index (0–100) | 78 | 80 |
| Talent note | Deep banking, professional services, and engineering talent. Strong feed from UNAM, IPN, ITAM, Tec de Monterrey. Spanish-English bilingual professional base growing rapidly. | Deep banking, professional services, and tech talent. Strong feed from USP, FGV, Insper, and ITA. Portuguese-English bilingual professional base in international corporate. |
Mexico City: Mexico City Metro (12 lines, the second-largest in the Americas), Metrobús BRT (7 lines), Tren Suburbano. Mexico City International Airport (MEX) connected via Line 4 BRT; new Felipe Ángeles International (NLU) bus-served.
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.
Mexico City is the cheaper Class A market on a USD basis.
São Paulo has the deeper talent index (80/100 vs 78/100).
Mexico City has the lower headline corporate tax (30% vs 34%). Local incentives can change the effective rate materially.
Mexico City typical term is 5 years with 6 months free; São Paulo runs 5 years with 6 months free.
Mexico City: Mexico City Metro (12 lines, the second-largest in the Americas), Metrobús BRT (7 lines), Tren Suburbano. Mexico City International Airport (MEX) connected via Line 4 BRT; new Felipe Ángeles International (NLU) bus-served. 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 Mexico City, 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 Miriam Hollander — Lead market analyst. Last updated 2026-04-15. See our methodology and editorial standards.