Miami ($78/sqft, 11.8% vacancy) and New York ($102/sqft, 17.4% vacancy) compete on different axes: Miami on rent and tax and New York on talent depth.
Miami ($78/sqft, 11.8% vacancy) and New York ($102/sqft, 17.4% vacancy) compete on different axes: Miami on rent and tax and New York on talent depth.
| Metric | Miami | New York |
|---|---|---|
| Region | Americas | Americas |
| Country | United States | United States |
| Class A rent (USD/sqft/yr) | $78 | $102 |
| Class A rent (local) | 78 USD | 102 USD |
| Vacancy | 11.8% | 17.4% |
| Trend | rising | rising |
| Prime yield | 5.4% | 5.6% |
| Premium flex / seat / month (USD) | $920 | $1,450 |
| Submarkets covered | 5 | 7 |
| Corporate tax | 21% | 27.5% |
| Metric | Miami | New York |
|---|---|---|
| Typical term | 7 yrs | 10 yrs |
| Typical rent-free | 9 mos | 14 mos |
| Lease norms | Modified-gross structures dominate; 7-10 year terms are common. Free rent of 6-12 months and TI of $80-$140/sqft typical on a 10-year deal. Personal guarantees common for sub-investment-grade tenants. | Manhattan leases are predominantly modified-gross structures with operating-expense and real-estate-tax escalations over a base year. Free rent (12-18 months on a 10-year term) and fit-out-capex">tenant improvement allowances ($130-$180/sqft for high-spec build-outs) are core economic levers. Personal guarantees are uncommon at institutional tenant scale; Good Guy Guarantees remain standard for smaller suites. |
| Tax note | 21% federal corporate income tax; no Florida state corporate income tax for most pass-through structures. Florida assesses a 5.5% corporate income tax on C-corps. No personal income tax. | Combined federal + New York State + NYC corporate income tax effectively reaches 27.5% for most C-corps. New York City Commercial Rent Tax (CRT) applies to Manhattan tenants south of 96th Street paying base rents above $250,000. |
| Metric | Miami | New York |
|---|---|---|
| Talent index (0–100) | 78 | 100 |
| Talent note | Strong bilingual (Spanish-English) finance and legal talent. Deep Latin American banking, asset management, and family-office concentrations. Tech talent is shallower than NY/SF but growing rapidly. | Deepest white-collar talent pool in the Americas. Average all-in compensation for senior knowledge workers indexes 100 (the global baseline used elsewhere in this Atlas). |
Miami: Metromover (free downtown), Metrorail to Brickell and Government Center, Brightline regional rail, MIA Mover from Miami International Airport. Brickell and Downtown are walkable; Wynwood and Coral Gables remain car-dependent.
New York: MTA subway lines, Metro-North, LIRR, and PATH converge on Midtown and the Financial District, anchored by Grand Central, Penn Station, and the Oculus. Class A landlords now factor commute time as part of their leasing pitch.
Miami is the cheaper Class A market on a USD basis.
New York has the deeper talent index (100/100 vs 78/100).
Miami has the lower headline corporate tax (21% vs 27.5%). Local incentives can change the effective rate materially.
Miami typical term is 7 years with 9 months free; New York runs 10 years with 14 months free.
Miami: Metromover (free downtown), Metrorail to Brickell and Government Center, Brightline regional rail, MIA Mover from Miami International Airport. Brickell and Downtown are walkable; Wynwood and Coral Gables remain car-dependent. New York: MTA subway lines, Metro-North, LIRR, and PATH converge on Midtown and the Financial District, anchored by Grand Central, Penn Station, and the Oculus. Class A landlords now factor commute time as part of their leasing pitch.
Score Miami, New York 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.