New York ($102/sqft, 17.4% vacancy) and Seattle ($52/sqft, 26.4% vacancy) compete on different axes: New York on talent depth and Seattle on rent and tax.
New York ($102/sqft, 17.4% vacancy) and Seattle ($52/sqft, 26.4% vacancy) compete on different axes: New York on talent depth and Seattle on rent and tax.
| Metric | New York | Seattle |
|---|---|---|
| Region | Americas | Americas |
| Country | United States | United States |
| Class A rent (USD/sqft/yr) | $102 | $52 |
| Class A rent (local) | 102 USD | 52 USD |
| Vacancy | 17.4% | 26.4% |
| Trend | rising | softening |
| Prime yield | 5.6% | 6.7% |
| Premium flex / seat / month (USD) | $1,450 | $940 |
| Submarkets covered | 7 | 5 |
| Corporate tax | 27.5% | 21% |
| Metric | New York | Seattle |
|---|---|---|
| Typical term | 10 yrs | 10 yrs |
| Typical rent-free | 14 mos | 16 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 structures with operating-expense pass-throughs. 10-12 year terms standard for trophy. Free rent of 12-18 months and TI of $100-$150/sqft typical on a 10-year deal. |
| 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. | 21% federal corporate income tax. No Washington State corporate income tax. Washington B&O tax applies to gross receipts (rates vary by activity). Seattle JumpStart payroll expense tax applies to tenants with $7M+ payroll. |
| Metric | New York | Seattle |
|---|---|---|
| Talent index (0–100) | 100 | 92 |
| 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 cloud, AI, and SaaS engineering talent pool in North America. UW and a deep network of T-1 engineering programs feed. Cost-of-living advantage versus Bay Area is structural. |
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.
Seattle: Sound Transit Link light rail (1 Line) extended in 2024 to Lynnwood; East Link to Bellevue / Redmond opening 2025-26. Streetcar serves South Lake Union. King County Metro bus network anchors local commute.
Seattle is the cheaper Class A market on a USD basis.
New York has the deeper talent index (100/100 vs 92/100).
Seattle has the lower headline corporate tax (21% vs 27.5%). Local incentives can change the effective rate materially.
New York typical term is 10 years with 14 months free; Seattle runs 10 years with 16 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. Seattle: Sound Transit Link light rail (1 Line) extended in 2024 to Lynnwood; East Link to Bellevue / Redmond opening 2025-26. Streetcar serves South Lake Union. King County Metro bus network anchors local commute.
Score New York, Seattle 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.