Mumbai ($46/sqft, 12.6% vacancy) and New York ($102/sqft, 17.4% vacancy) compete on different axes: Mumbai on rent and tax and New York on talent depth.
Mumbai ($46/sqft, 12.6% vacancy) and New York ($102/sqft, 17.4% vacancy) compete on different axes: Mumbai on rent and tax and New York on talent depth.
| Metric | Mumbai | New York |
|---|---|---|
| Region | APAC | Americas |
| Country | India | United States |
| Class A rent (USD/sqft/yr) | $46 | $102 |
| Class A rent (local) | 320 INR | 102 USD |
| Vacancy | 12.6% | 17.4% |
| Trend | rising | rising |
| Prime yield | 7.5% | 5.6% |
| Premium flex / seat / month (USD) | $420 | $1,450 |
| Submarkets covered | 4 | 7 |
| Corporate tax | 25.2% | 27.5% |
| Metric | Mumbai | New York |
|---|---|---|
| Typical term | 5 yrs | 10 yrs |
| Typical rent-free | 4 mos | 14 mos |
| Lease norms | Standard 5-year lease (often 3+2 or 5+5). Rent quoted as INR per square foot per month. Maintenance billed separately. Security deposit of 6-12 months standard. Stamp duty payable on lease execution. | 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 | Headline corporate tax 25.2% (concessional 17.16% for new manufacturing). Maharashtra state taxes apply. | 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 | Mumbai | New York |
|---|---|---|
| Talent index (0–100) | 60 | 100 |
| Talent note | India's deepest financial-services and tech talent pool. Average all-in compensation indexes 60. | 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). |
Mumbai: Mumbai Suburban Railway is the primary mass transit. Mumbai Metro is expanding rapidly. Direct connection between BKC and the CBD remains the key infrastructure constraint.
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.
Mumbai is the cheaper Class A market on a USD basis.
New York has the deeper talent index (100/100 vs 60/100).
Mumbai has the lower headline corporate tax (25.2% vs 27.5%). Local incentives can change the effective rate materially.
Mumbai typical term is 5 years with 4 months free; New York runs 10 years with 14 months free.
Mumbai: Mumbai Suburban Railway is the primary mass transit. Mumbai Metro is expanding rapidly. Direct connection between BKC and the CBD remains the key infrastructure constraint. 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 Mumbai, 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 Kenji Watanabe — APAC contributing editor. Last updated 2026-04-15. See our methodology and editorial standards.