Miami ($78/sqft, 11.8% vacancy) and Santiago ($24/sqft, 9.4% vacancy) compete on different axes: Miami on rent and tax and Santiago on talent depth.
Miami ($78/sqft, 11.8% vacancy) and Santiago ($24/sqft, 9.4% vacancy) compete on different axes: Miami on rent and tax and Santiago on talent depth.
| Metric | Miami | Santiago |
|---|---|---|
| Region | Americas | Americas |
| Country | United States | Chile |
| Class A rent (USD/sqft/yr) | $78 | $24 |
| Class A rent (local) | 78 USD | 22000 CLP |
| Vacancy | 11.8% | 9.4% |
| Trend | rising | rising |
| Prime yield | 5.4% | 6.6% |
| Premium flex / seat / month (USD) | $920 | $380 |
| Submarkets covered | 5 | 5 |
| Corporate tax | 21% | 27% |
| Metric | Miami | Santiago |
|---|---|---|
| Typical term | 7 yrs | 5 yrs |
| Typical rent-free | 9 mos | 4 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. | Net leases. 5-year terms with renewal options. Free rent of 3-6 months and TI of CLP 280,000-500,000/sqm typical. UF (Unidad de Fomento) inflation indexation common. |
| 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. | 27% Chilean corporate income tax. 19% VAT (IVA). UF (Unidad de Fomento) inflation indexation applies to many contracts and rents. |
| Metric | Miami | Santiago |
|---|---|---|
| Talent index (0–100) | 78 | 80 |
| 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. | Deep mining, banking, and retail talent. Strong feed from Pontificia Universidad Católica, Universidad de Chile, Universidad Adolfo Ibáñez. Spanish-English bilingual professional base. |
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.
Santiago: Santiago Metro (7 lines, the largest in Latin America by length). MetroTren commuter rail. Santiago International Airport (SCL) connected via Línea 7 (planned) and bus.
Santiago is the cheaper Class A market on a USD basis.
Santiago has the deeper talent index (80/100 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; Santiago runs 5 years with 4 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. Santiago: Santiago Metro (7 lines, the largest in Latin America by length). MetroTren commuter rail. Santiago International Airport (SCL) connected via Línea 7 (planned) and bus.
Score Miami, Santiago 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.