Mumbai ($46/sqft, 12.6% vacancy) and San Francisco ($78/sqft, 31.5% vacancy) compete on different axes: Mumbai on rent and tax and San Francisco on talent depth.
Mumbai ($46/sqft, 12.6% vacancy) and San Francisco ($78/sqft, 31.5% vacancy) compete on different axes: Mumbai on rent and tax and San Francisco on talent depth.
| Metric | Mumbai | San Francisco |
|---|---|---|
| Region | APAC | Americas |
| Country | India | United States |
| Class A rent (USD/sqft/yr) | $46 | $78 |
| Class A rent (local) | 320 INR | 78 USD |
| Vacancy | 12.6% | 31.5% |
| Trend | rising | rising |
| Prime yield | 7.5% | 6.5% |
| Premium flex / seat / month (USD) | $420 | $1,280 |
| Submarkets covered | 4 | 6 |
| Corporate tax | 25.2% | 27% |
| Metric | Mumbai | San Francisco |
|---|---|---|
| Typical term | 5 yrs | 7 yrs |
| Typical rent-free | 4 mos | 22 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. | Modified-gross with operating-expense escalations over a base year. Rent-free of 18-30 months on a 10-year term is current market for trophy assets in lease-up. TI of $150-$220/sqft is achievable. Termination options at year 5 are increasingly negotiable. |
| Tax note | Headline corporate tax 25.2% (concessional 17.16% for new manufacturing). Maharashtra state taxes apply. | Combined federal + California corporate tax effectively reaches 27%. San Francisco gross receipts tax applies to most occupiers; payroll tax is now phased out. |
| Metric | Mumbai | San Francisco |
|---|---|---|
| Talent index (0–100) | 60 | 98 |
| Talent note | India's deepest financial-services and tech talent pool. Average all-in compensation indexes 60. | Deepest AI/ML and senior software engineering talent pool globally. Average all-in compensation indexes 98 vs. New York's 100. |
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.
San Francisco: BART, Muni, Caltrain, and the new Salesforce Transit Center anchor commute infrastructure. The Central Subway extension to Chinatown completed in 2023.
Mumbai is the cheaper Class A market on a USD basis.
San Francisco has the deeper talent index (98/100 vs 60/100).
Mumbai has the lower headline corporate tax (25.2% vs 27%). Local incentives can change the effective rate materially.
Mumbai typical term is 5 years with 4 months free; San Francisco runs 7 years with 22 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. San Francisco: BART, Muni, Caltrain, and the new Salesforce Transit Center anchor commute infrastructure. The Central Subway extension to Chinatown completed in 2023.
Score Mumbai, San Francisco 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.