Miami ($78/sqft, 11.8% vacancy) and San Francisco ($78/sqft, 31.5% vacancy) compete on different axes: Miami on rent and tax and San Francisco on talent depth.
Miami ($78/sqft, 11.8% vacancy) and San Francisco ($78/sqft, 31.5% vacancy) compete on different axes: Miami on rent and tax and San Francisco on talent depth.
| Metric | Miami | San Francisco |
|---|---|---|
| Region | Americas | Americas |
| Country | United States | United States |
| Class A rent (USD/sqft/yr) | $78 | $78 |
| Class A rent (local) | 78 USD | 78 USD |
| Vacancy | 11.8% | 31.5% |
| Trend | rising | rising |
| Prime yield | 5.4% | 6.5% |
| Premium flex / seat / month (USD) | $920 | $1,280 |
| Submarkets covered | 5 | 6 |
| Corporate tax | 21% | 27% |
| Metric | Miami | San Francisco |
|---|---|---|
| Typical term | 7 yrs | 7 yrs |
| Typical rent-free | 9 mos | 22 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. | Modified-gross with operating-expense escalations over a base year. Rent-free of 18-30 months on a 10-year term is current market for trophy assets in lease-up. TI of $150-$220/sqft is achievable. Termination options at year 5 are increasingly negotiable. |
| 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 + California corporate tax effectively reaches 27%. San Francisco gross receipts tax applies to most occupiers; payroll tax is now phased out. |
| Metric | Miami | San Francisco |
|---|---|---|
| Talent index (0–100) | 78 | 98 |
| 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 AI/ML and senior software engineering talent pool globally. Average all-in compensation indexes 98 vs. New York's 100. |
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.
San Francisco: BART, Muni, Caltrain, and the new Salesforce Transit Center anchor commute infrastructure. The Central Subway extension to Chinatown completed in 2023.
Miami and San Francisco are roughly cost-equivalent in USD/sqft.
San Francisco has the deeper talent index (98/100 vs 78/100).
Miami has the lower headline corporate tax (21% vs 27%). Local incentives can change the effective rate materially.
Miami typical term is 7 years with 9 months free; San Francisco runs 7 years with 22 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. San Francisco: BART, Muni, Caltrain, and the new Salesforce Transit Center anchor commute infrastructure. The Central Subway extension to Chinatown completed in 2023.
Score Miami, San Francisco 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.