New York ($102/sqft, 17.4% vacancy) and Seoul ($102/sqft, 5.2% vacancy) compete on different axes: New York on talent depth and Seoul on rent and tax.
New York ($102/sqft, 17.4% vacancy) and Seoul ($102/sqft, 5.2% vacancy) compete on different axes: New York on talent depth and Seoul on rent and tax.
| Metric | New York | Seoul |
|---|---|---|
| Region | Americas | APAC |
| Country | United States | South Korea |
| Class A rent (USD/sqft/yr) | $102 | $102 |
| Class A rent (local) | 102 USD | 142000 KRW |
| Vacancy | 17.4% | 5.2% |
| Trend | rising | rising |
| Prime yield | 5.6% | 4% |
| Premium flex / seat / month (USD) | $1,450 | $880 |
| Submarkets covered | 7 | 6 |
| Corporate tax | 27.5% | 24.2% |
| Metric | New York | Seoul |
|---|---|---|
| Typical term | 10 yrs | 5 yrs |
| Typical rent-free | 14 mos | 6 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. | Standard 5-year lease (often 3+2). Rent + management fees billed separately. Large jeonse (lease deposit) common — 10-20x monthly rent. Reinstatement contractual. |
| 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 corporate tax 24.2% (after surtax). Local taxes apply. |
| Metric | New York | Seoul |
|---|---|---|
| Talent index (0–100) | 100 | 82 |
| 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 tech (Samsung, LG, Naver, Kakao) and finance talent pool in Korea. Average all-in compensation indexes 82. |
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.
Seoul: Seoul Metro covers every Class A address. KTX high-speed rail to Busan and other regional centres. Incheon Airport is 53 minutes by AREX express.
New York and Seoul are roughly cost-equivalent in USD/sqft.
New York has the deeper talent index (100/100 vs 82/100).
Seoul has the lower headline corporate tax (24.2% vs 27.5%). Local incentives can change the effective rate materially.
New York typical term is 10 years with 14 months free; Seoul runs 5 years with 6 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. Seoul: Seoul Metro covers every Class A address. KTX high-speed rail to Busan and other regional centres. Incheon Airport is 53 minutes by AREX express.
Score New York, Seoul 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.