Is Class A office cheaper in Mumbai or Seoul?

Mumbai is cheaper on a USD basis: $46/sqft vs $102/sqft.

Which has better talent depth, Mumbai or Seoul?

Seoul indexes higher on talent depth (82 vs 60).

Which has more sublease availability, Mumbai or Seoul?

Mumbai carries higher vacancy (12.6% vs 5.2%) and therefore typically more sublease overhang.

What lease term should I expect in Mumbai vs Seoul?

Mumbai typical term is 5 years with 4 months rent-free; Seoul typical term is 5 years with 6 months rent-free.

Mumbai ($46/sqft, 12.6% vacancy) and Seoul ($102/sqft, 5.2% vacancy) compete on different axes: Mumbai on rent and tax and Seoul on talent depth.

Class A rent: Mumbai $46/sqft vs Seoul $102/sqft.
Vacancy: Mumbai 12.6% vs Seoul 5.2%.
Talent index: Mumbai 60 vs Seoul 82.
Corporate tax: Mumbai 25.2% vs Seoul 24.2%.
Premium flex/seat/month: Mumbai $420 vs Seoul $880.

Mumbai vs Seoul: Class A office comparison

Mumbai ($46/sqft, 12.6% vacancy) and Seoul ($102/sqft, 5.2% vacancy) compete on different axes: Mumbai on rent and tax and Seoul on talent depth.

TL;DR

Class A rent: Mumbai $46/sqft vs Seoul $102/sqft.
Vacancy: Mumbai 12.6% vs Seoul 5.2%.
Talent index: Mumbai 60 vs Seoul 82.
Corporate tax: Mumbai 25.2% vs Seoul 24.2%.
Premium flex/seat/month: Mumbai $420 vs Seoul $880.

Market data side-by-side

Metric	Mumbai	Seoul
Region	APAC	APAC
Country	India	South Korea
Class A rent (USD/sqft/yr)	$46	$102
Class A rent (local)	320 INR	142000 KRW
Vacancy	12.6%	5.2%
Trend	rising	rising
Prime yield	7.5%	4%
Premium flex / seat / month (USD)	$420	$880
Submarkets covered	4	6
Corporate tax	25.2%	24.2%

Lease norms

Metric	Mumbai	Seoul
Typical term	5 yrs	5 yrs
Typical rent-free	4 mos	6 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.	Standard 5-year lease (often 3+2). Rent + management fees billed separately. Large jeonse (lease deposit) common — 10-20x monthly rent. Reinstatement contractual.
Tax note	Headline corporate tax 25.2% (concessional 17.16% for new manufacturing). Maharashtra state taxes apply.	Combined federal corporate tax 24.2% (after surtax). Local taxes apply.

Talent

Metric	Mumbai	Seoul
Talent index (0–100)	60	82
Talent note	India's deepest financial-services and tech talent pool. Average all-in compensation indexes 60.	Deepest tech (Samsung, LG, Naver, Kakao) and finance talent pool in Korea. Average all-in compensation indexes 82.

Transit & commute

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.

Seoul: Seoul Metro covers every Class A address. KTX high-speed rail to Busan and other regional centres. Incheon Airport is 53 minutes by AREX express.

Top submarkets — Mumbai

Bandra-Kurla Complex (BKC) — trophy tier · ₹380/sqft/mo · ≈ $54.7 PSF/yr USD
Lower Parel & Worli — prime tier · ₹290/sqft/mo · ≈ $41.8 PSF/yr USD
Powai — established tier · $38/sqft/yr

Top submarkets — Seoul

Gangnam (GBD) — trophy tier · ₩145,000/pyeong/mo · ≈ $35.2 PSF/yr USD
Yeouido (YBD) — trophy tier · ₩138,000/pyeong/mo · ≈ $33.5 PSF/yr USD
Jongno / Gwanghwamun (CBD) — trophy tier · ₩130,000/pyeong/mo · ≈ $31.6 PSF/yr USD

Decision criteria

Pick by cost

Mumbai is the cheaper Class A market on a USD basis.

Pick by talent depth

Seoul has the deeper talent index (82/100 vs 60/100).

Pick by tax

Seoul has the lower headline corporate tax (24.2% vs 25.2%). Local incentives can change the effective rate materially.

Pick by lease optionality

Mumbai typical term is 5 years with 4 months free; Seoul runs 5 years with 6 months free.

Pick by transit

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. Seoul: Seoul Metro covers every Class A address. KTX high-speed rail to Busan and other regional centres. Incheon Airport is 53 minutes by AREX express.

Run a 4-city comparison

Score Mumbai, Seoul and up to two more markets side-by-side on Class A rent, vacancy, talent, corporate tax, and premium flex pricing — all in USD.

Run a 4-city comparison →

Frequently asked questions

Is Class A office cheaper in Mumbai or Seoul?: Mumbai is cheaper on a USD basis: $46/sqft vs $102/sqft.
Which has better talent depth, Mumbai or Seoul?: Seoul indexes higher on talent depth (82 vs 60).
Which has more sublease availability, Mumbai or Seoul?: Mumbai carries higher vacancy (12.6% vs 5.2%) and therefore typically more sublease">sublease overhang.
What lease term should I expect in Mumbai vs Seoul?: Mumbai typical term is 5 years with 4 months rent-free; Seoul typical term is 5 years with 6 months rent-free.
How does transit and commuter access compare?: 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. Seoul: Seoul Metro covers every Class A address. KTX high-speed rail to Busan and other regional centres. Incheon Airport is 53 minutes by AREX express.

Editorial provenance

Reviewed by Kenji Watanabe — APAC contributing editor. Last updated 2026-04-15. See our methodology and editorial standards.

Primary sources for this page

CBRE Marketview reports — CBRE
JLL Office Insight — JLL
Cushman & Wakefield Marketbeat — Cushman & Wakefield
Savills World Research — Savills
Colliers Global Office Outlook — Colliers

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