Montreal ($28/sqft, 18.6% vacancy) and New York ($102/sqft, 17.4% vacancy) compete on different axes: Montreal on rent and tax and New York on talent depth.
Montreal ($28/sqft, 18.6% vacancy) and New York ($102/sqft, 17.4% vacancy) compete on different axes: Montreal on rent and tax and New York on talent depth.
| Metric | Montreal | New York |
|---|---|---|
| Region | Americas | Americas |
| Country | Canada | United States |
| Class A rent (USD/sqft/yr) | $28 | $102 |
| Class A rent (local) | 38 CAD | 102 USD |
| Vacancy | 18.6% | 17.4% |
| Trend | flat | rising |
| Prime yield | 6.6% | 5.6% |
| Premium flex / seat / month (USD) | $580 | $1,450 |
| Submarkets covered | 5 | 7 |
| Corporate tax | 26.5% | 27.5% |
| Metric | Montreal | New York |
|---|---|---|
| Typical term | 10 yrs | 10 yrs |
| Typical rent-free | 12 mos | 14 mos |
| Lease norms | Net leases (tenant pays opex separately). 10-year terms standard. Free rent of 10-14 months and TI of C$60-$100/sqft typical on a 10-year Class A deal. | 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 | 15% federal plus 11.5% Quebec corporate income tax for a combined rate of 26.5%. Quebec offers material tax credits for film/TV, multimedia, and AI/R&D activities. | 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 | Montreal | New York |
|---|---|---|
| Talent index (0–100) | 86 | 100 |
| Talent note | Deepest French-English bilingual professional talent in North America. Structural AI research cluster (Yoshua Bengio at MILA, Element AI alumni). Strong aerospace, video games, and creative industries talent. | 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). |
Montreal: STM Métro (four lines), exo commuter rail, and REM automated light rail (opening progressively 2024-25). Downtown is highly walkable and Métro-served. The Underground City connects 33 km of pedestrian passages.
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.
Montreal is the cheaper Class A market on a USD basis.
New York has the deeper talent index (100/100 vs 86/100).
Montreal has the lower headline corporate tax (26.5% vs 27.5%). Local incentives can change the effective rate materially.
Montreal typical term is 10 years with 12 months free; New York runs 10 years with 14 months free.
Montreal: STM Métro (four lines), exo commuter rail, and REM automated light rail (opening progressively 2024-25). Downtown is highly walkable and Métro-served. The Underground City connects 33 km of pedestrian passages. 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 Montreal, 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.