Miami ($78/sqft, 11.8% vacancy) and São Paulo ($40/sqft, 19.4% vacancy) compete on different axes: Miami on rent and tax and São Paulo on talent depth.
Miami ($78/sqft, 11.8% vacancy) and São Paulo ($40/sqft, 19.4% vacancy) compete on different axes: Miami on rent and tax and São Paulo on talent depth.
| Metric | Miami | São Paulo |
|---|---|---|
| Region | Americas | Americas |
| Country | United States | Brazil |
| Class A rent (USD/sqft/yr) | $78 | $40 |
| Class A rent (local) | 78 USD | 200 BRL |
| Vacancy | 11.8% | 19.4% |
| Trend | rising | rising |
| Prime yield | 5.4% | 7.6% |
| Premium flex / seat / month (USD) | $920 | $380 |
| Submarkets covered | 5 | 5 |
| Corporate tax | 21% | 34% |
| Metric | Miami | São Paulo |
|---|---|---|
| Typical term | 7 yrs | 5 yrs |
| Typical rent-free | 9 mos | 6 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 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 | 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. | 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 | Miami | São Paulo |
|---|---|---|
| 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 banking, professional services, and tech talent. Strong feed from USP, FGV, Insper, and ITA. Portuguese-English bilingual professional base in international corporate. |
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.
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.
São Paulo is the cheaper Class A market on a USD basis.
São Paulo has the deeper talent index (80/100 vs 78/100).
Miami has the lower headline corporate tax (21% vs 34%). Local incentives can change the effective rate materially.
Miami typical term is 7 years with 9 months free; São Paulo runs 5 years with 6 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. 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 Miami, 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.