Miami ($78/sqft, 11.8% vacancy) and Toronto ($57/sqft, 17.6% vacancy) compete on different axes: Miami on rent and tax and Toronto on talent depth.
Miami ($78/sqft, 11.8% vacancy) and Toronto ($57/sqft, 17.6% vacancy) compete on different axes: Miami on rent and tax and Toronto on talent depth.
| Metric | Miami | Toronto |
|---|---|---|
| Region | Americas | Americas |
| Country | United States | Canada |
| Class A rent (USD/sqft/yr) | $78 | $57 |
| Class A rent (local) | 78 USD | 78 CAD |
| Vacancy | 11.8% | 17.6% |
| Trend | rising | flat |
| Prime yield | 5.4% | 5.5% |
| Premium flex / seat / month (USD) | $920 | $920 |
| Submarkets covered | 5 | 6 |
| Corporate tax | 21% | 26.5% |
| Metric | Miami | Toronto |
|---|---|---|
| Typical term | 7 yrs | 10 yrs |
| Typical rent-free | 9 mos | 18 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 — tenant pays a base rent plus a proportional share of operating expenses, realty taxes, and utilities (TMI). Rent-free of 12-24 months on a 10-year term is current market. Bank guarantees common for non-investment-grade covenants. |
| 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 + Ontario corporate tax 26.5%. Toronto Municipal Land Transfer Tax applies on purchase, not on lease. |
| Metric | Miami | Toronto |
|---|---|---|
| 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. | Deepest financial-services and tech talent pool in Canada. Average all-in compensation indexes 80. |
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.
Toronto: TTC subway plus GO Transit commuter rail converge at Union Station. The PATH connects most Financial Core assets underground.
Toronto is the cheaper Class A market on a USD basis.
Toronto has the deeper talent index (80/100 vs 78/100).
Miami has the lower headline corporate tax (21% vs 26.5%). Local incentives can change the effective rate materially.
Miami typical term is 7 years with 9 months free; Toronto runs 10 years with 18 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. Toronto: TTC subway plus GO Transit commuter rail converge at Union Station. The PATH connects most Financial Core assets underground.
Score Miami, Toronto 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.