Mumbai ($46/sqft, 12.6% vacancy) and Sydney ($96/sqft, 12.6% vacancy) compete on different axes: Mumbai on rent and tax and Sydney on talent depth.
Mumbai ($46/sqft, 12.6% vacancy) and Sydney ($96/sqft, 12.6% vacancy) compete on different axes: Mumbai on rent and tax and Sydney on talent depth.
| Metric | Mumbai | Sydney |
|---|---|---|
| Region | APAC | APAC |
| Country | India | Australia |
| Class A rent (USD/sqft/yr) | $46 | $96 |
| Class A rent (local) | 320 INR | 1480 AUD |
| Vacancy | 12.6% | 12.6% |
| Trend | rising | flat |
| Prime yield | 7.5% | 5.5% |
| Premium flex / seat / month (USD) | $420 | $990 |
| Submarkets covered | 4 | 6 |
| Corporate tax | 25.2% | 30% |
| Metric | Mumbai | Sydney |
|---|---|---|
| Typical term | 5 yrs | 7 yrs |
| Typical rent-free | 4 mos | 30 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 5-10 year lease. Gross or net structure (both common). Australian leases distinguish 'face rent' (headline) from 'effective rent' (face minus incentive). Incentives of 30-40% are now standard — typically structured as rent abatement, fit-out">fit-out contribution, or both. |
| Tax note | Headline corporate tax 25.2% (concessional 17.16% for new manufacturing). Maharashtra state taxes apply. | Federal corporate tax 30%. NSW payroll tax applies. No state corporate income tax. |
| Metric | Mumbai | Sydney |
|---|---|---|
| Talent index (0–100) | 60 | 85 |
| Talent note | India's deepest financial-services and tech talent pool. Average all-in compensation indexes 60. | Australia's deepest financial-services, technology, and professional-services talent pool. Average all-in compensation indexes 85. |
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.
Sydney: Sydney Metro and Sydney Trains converge at Wynyard, Town Hall, and Central. The new Sydney Metro City & Southwest line transformed core CBD commute capacity.
Mumbai is the cheaper Class A market on a USD basis.
Sydney has the deeper talent index (85/100 vs 60/100).
Mumbai has the lower headline corporate tax (25.2% vs 30%). Local incentives can change the effective rate materially.
Mumbai typical term is 5 years with 4 months free; Sydney runs 7 years with 30 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. Sydney: Sydney Metro and Sydney Trains converge at Wynyard, Town Hall, and Central. The new Sydney Metro City & Southwest line transformed core CBD commute capacity.
Score Mumbai, Sydney 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.