New York ($102/sqft, 17.4% vacancy) and San Francisco ($78/sqft, 31.5% vacancy) compete on different axes: New York on talent depth and San Francisco on rent and tax.
New York ($102/sqft, 17.4% vacancy) and San Francisco ($78/sqft, 31.5% vacancy) compete on different axes: New York on talent depth and San Francisco on rent and tax.
| Metric | New York | San Francisco |
|---|---|---|
| Region | Americas | Americas |
| Country | United States | United States |
| Class A rent (USD/sqft/yr) | $102 | $78 |
| Class A rent (local) | 102 USD | 78 USD |
| Vacancy | 17.4% | 31.5% |
| Trend | rising | rising |
| Prime yield | 5.6% | 6.5% |
| Premium flex / seat / month (USD) | $1,450 | $1,280 |
| Submarkets covered | 7 | 6 |
| Corporate tax | 27.5% | 27% |
| Metric | New York | San Francisco |
|---|---|---|
| Typical term | 10 yrs | 7 yrs |
| Typical rent-free | 14 mos | 22 mos |
| Lease norms | Manhattan leases are predominantly modified-gross structures with operating-expense and real-estate-tax escalations over a base year. Free rent (12-18 months on a 10-year term) and fit-out-capex">tenant improvement allowances ($130-$180/sqft for high-spec build-outs) are core economic levers. Personal guarantees are uncommon at institutional tenant scale; Good Guy Guarantees remain standard for smaller suites. | Modified-gross with operating-expense escalations over a base year. Rent-free of 18-30 months on a 10-year term is current market for trophy assets in lease-up. TI of $150-$220/sqft is achievable. Termination options at year 5 are increasingly negotiable. |
| Tax note | Combined federal + New York State + NYC corporate income tax effectively reaches 27.5% for most C-corps. New York City Commercial Rent Tax (CRT) applies to Manhattan tenants south of 96th Street paying base rents above $250,000. | Combined federal + California corporate tax effectively reaches 27%. San Francisco gross receipts tax applies to most occupiers; payroll tax is now phased out. |
| Metric | New York | San Francisco |
|---|---|---|
| Talent index (0–100) | 100 | 98 |
| Talent note | Deepest white-collar talent pool in the Americas. Average all-in compensation for senior knowledge workers indexes 100 (the global baseline used elsewhere in this Atlas). | Deepest AI/ML and senior software engineering talent pool globally. Average all-in compensation indexes 98 vs. New York's 100. |
New York: MTA subway lines, Metro-North, LIRR, and PATH converge on Midtown and the Financial District, anchored by Grand Central, Penn Station, and the Oculus. Class A landlords now factor commute time as part of their leasing pitch.
San Francisco: BART, Muni, Caltrain, and the new Salesforce Transit Center anchor commute infrastructure. The Central Subway extension to Chinatown completed in 2023.
San Francisco is the cheaper Class A market on a USD basis.
New York has the deeper talent index (100/100 vs 98/100).
San Francisco has the lower headline corporate tax (27% vs 27.5%). Local incentives can change the effective rate materially.
New York typical term is 10 years with 14 months free; San Francisco runs 7 years with 22 months free.
New York: MTA subway lines, Metro-North, LIRR, and PATH converge on Midtown and the Financial District, anchored by Grand Central, Penn Station, and the Oculus. Class A landlords now factor commute time as part of their leasing pitch. San Francisco: BART, Muni, Caltrain, and the new Salesforce Transit Center anchor commute infrastructure. The Central Subway extension to Chinatown completed in 2023.
Score New York, San Francisco 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 Miriam Hollander — Lead market analyst. Last updated 2026-04-15. See our methodology and editorial standards.