Mumbai ($46/sqft, 12.6% vacancy) and Tokyo ($113/sqft, 4.6% vacancy) compete on different axes: Mumbai on rent and tax and Tokyo on talent depth.
Mumbai ($46/sqft, 12.6% vacancy) and Tokyo ($113/sqft, 4.6% vacancy) compete on different axes: Mumbai on rent and tax and Tokyo on talent depth.
| Metric | Mumbai | Tokyo |
|---|---|---|
| Region | APAC | APAC |
| Country | India | Japan |
| Class A rent (USD/sqft/yr) | $46 | $113 |
| Class A rent (local) | 320 INR | 50000 JPY |
| Vacancy | 12.6% | 4.6% |
| Trend | rising | rising |
| Prime yield | 7.5% | 3% |
| Premium flex / seat / month (USD) | $420 | $980 |
| Submarkets covered | 4 | 6 |
| Corporate tax | 25.2% | 30.6% |
| Metric | Mumbai | Tokyo |
|---|---|---|
| Typical term | 5 yrs | 5 yrs |
| Typical rent-free | 4 mos | 4 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. | Tokyo leases are typically 5-7 years with a 2-year tenant notice. Standard leases are 'fixed-term' (teiki shakuya) or 'ordinary' (futsu shakuya) — fixed-term is increasingly common for Grade A. Rent is base + common-area maintenance billed separately. Restoration to original (genjo kaifuku) is contractual and significant. Personal seal (jitsuin) requirements apply. |
| Tax note | Headline corporate tax 25.2% (concessional 17.16% for new manufacturing). Maharashtra state taxes apply. | Effective corporate tax rate 30.6% (national + local). Tokyo Metropolitan corporate inhabitant tax adds a meaningful local component. |
| Metric | Mumbai | Tokyo |
|---|---|---|
| Talent index (0–100) | 60 | 84 |
| Talent note | India's deepest financial-services and tech talent pool. Average all-in compensation indexes 60. | The largest single-language white-collar talent pool in the world. Average all-in compensation for senior knowledge workers indexes 84 vs. New York's 100, though English-fluent bilingual talent commands a premium. |
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.
Tokyo: JR Yamanote loop plus 13 metro lines connect every Class A address. Shinkansen termini at Tokyo, Shinagawa, and Ueno support inter-city corporate networks.
Mumbai is the cheaper Class A market on a USD basis.
Tokyo has the deeper talent index (84/100 vs 60/100).
Mumbai has the lower headline corporate tax (25.2% vs 30.6%). Local incentives can change the effective rate materially.
Mumbai typical term is 5 years with 4 months free; Tokyo runs 5 years with 4 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. Tokyo: JR Yamanote loop plus 13 metro lines connect every Class A address. Shinkansen termini at Tokyo, Shinagawa, and Ueno support inter-city corporate networks.
Score Mumbai, Tokyo 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.