Mumbai ($46/sqft, 12.6% vacancy) and Shanghai ($122/sqft, 19.8% vacancy) compete on different axes: Mumbai on rent and tax and Shanghai on talent depth.
Mumbai ($46/sqft, 12.6% vacancy) and Shanghai ($122/sqft, 19.8% vacancy) compete on different axes: Mumbai on rent and tax and Shanghai on talent depth.
| Metric | Mumbai | Shanghai |
|---|---|---|
| Region | APAC | APAC |
| Country | India | China |
| Class A rent (USD/sqft/yr) | $46 | $122 |
| Class A rent (local) | 320 INR | 880 CNY |
| Vacancy | 12.6% | 19.8% |
| Trend | rising | softening |
| Prime yield | 7.5% | 4.4% |
| Premium flex / seat / month (USD) | $420 | $740 |
| Submarkets covered | 4 | 5 |
| Corporate tax | 25.2% | 25% |
| Metric | Mumbai | Shanghai |
|---|---|---|
| Typical term | 5 yrs | 3 yrs |
| Typical rent-free | 4 mos | 8 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 3-year lease with renewal option. Rent gross of management fees but exclusive of utilities. Bank guarantee or rent deposit of 3-6 months standard. Reinstatement at lease-end is contractual. |
| Tax note | Headline corporate tax 25.2% (concessional 17.16% for new manufacturing). Maharashtra state taxes apply. | Headline corporate tax 25% (15% for High and New Technology Enterprises). Free Trade Zone advantages exist. |
| Metric | Mumbai | Shanghai |
|---|---|---|
| Talent index (0–100) | 60 | 76 |
| Talent note | India's deepest financial-services and tech talent pool. Average all-in compensation indexes 60. | Mainland China's deepest financial-services and tech talent pool. Average all-in compensation indexes 76. |
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.
Shanghai: Shanghai Metro covers every Class A address. Hongqiao TGV / Maglev connectivity to Beijing and the Yangtze Delta.
Mumbai is the cheaper Class A market on a USD basis.
Shanghai has the deeper talent index (76/100 vs 60/100).
Shanghai has the lower headline corporate tax (25% vs 25.2%). Local incentives can change the effective rate materially.
Mumbai typical term is 5 years with 4 months free; Shanghai runs 3 years with 8 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. Shanghai: Shanghai Metro covers every Class A address. Hongqiao TGV / Maglev connectivity to Beijing and the Yangtze Delta.
Score Mumbai, Shanghai 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.