Mumbai ($46/sqft, 12.6% vacancy) and Singapore ($102/sqft, 5.4% vacancy) compete on different axes: Mumbai on rent and tax and Singapore on talent depth.
Mumbai ($46/sqft, 12.6% vacancy) and Singapore ($102/sqft, 5.4% vacancy) compete on different axes: Mumbai on rent and tax and Singapore on talent depth.
| Metric | Mumbai | Singapore |
|---|---|---|
| Region | APAC | APAC |
| Country | India | Singapore |
| Class A rent (USD/sqft/yr) | $46 | $102 |
| Class A rent (local) | 320 INR | 138 SGD |
| Vacancy | 12.6% | 5.4% |
| Trend | rising | rising |
| Prime yield | 7.5% | 3.6% |
| Premium flex / seat / month (USD) | $420 | $1,180 |
| Submarkets covered | 4 | 6 |
| Corporate tax | 25.2% | 17% |
| Metric | Mumbai | Singapore |
|---|---|---|
| Typical term | 5 yrs | 4 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. | Singapore leases are typically 3-5 years, gross-rent based with the landlord covering most operating expenses inside the rent. Rent-free of 4-9 months on a 5-year term is standard. Rent reviews on renewal are open-market. Bank guarantees of 3-6 months are routine. Reinstatement at lease-end is contractual and usually significant — budget for it. |
| Tax note | Headline corporate tax 25.2% (concessional 17.16% for new manufacturing). Maharashtra state taxes apply. | Headline corporate tax of 17%, with a partial tax exemption for the first SGD 200,000 of chargeable income. A network of double-tax treaties and the Singapore Variable Capital Company (VCC) regime make Singapore particularly attractive for fund managers and family offices. |
| Metric | Mumbai | Singapore |
|---|---|---|
| Talent index (0–100) | 60 | 92 |
| Talent note | India's deepest financial-services and tech talent pool. Average all-in compensation indexes 60. | Premium APAC talent hub. Average all-in compensation indexes 92 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.
Singapore: The MRT network reaches every CBD address. Changi Airport is 20 minutes by MRT or taxi. Jurong Region Line and Cross Island Line expansions are extending the catchment.
Mumbai is the cheaper Class A market on a USD basis.
Singapore has the deeper talent index (92/100 vs 60/100).
Singapore has the lower headline corporate tax (17% vs 25.2%). Local incentives can change the effective rate materially.
Mumbai typical term is 5 years with 4 months free; Singapore runs 4 years with 6 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. Singapore: The MRT network reaches every CBD address. Changi Airport is 20 minutes by MRT or taxi. Jurong Region Line and Cross Island Line expansions are extending the catchment.
Score Mumbai, Singapore 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.