New York ($102/sqft, 17.4% vacancy) and Shanghai ($122/sqft, 19.8% vacancy) compete on different axes: New York on talent depth and Shanghai on rent and tax.
New York ($102/sqft, 17.4% vacancy) and Shanghai ($122/sqft, 19.8% vacancy) compete on different axes: New York on talent depth and Shanghai on rent and tax.
| Metric | New York | Shanghai |
|---|---|---|
| Region | Americas | APAC |
| Country | United States | China |
| Class A rent (USD/sqft/yr) | $102 | $122 |
| Class A rent (local) | 102 USD | 880 CNY |
| Vacancy | 17.4% | 19.8% |
| Trend | rising | softening |
| Prime yield | 5.6% | 4.4% |
| Premium flex / seat / month (USD) | $1,450 | $740 |
| Submarkets covered | 7 | 5 |
| Corporate tax | 27.5% | 25% |
| Metric | New York | Shanghai |
|---|---|---|
| Typical term | 10 yrs | 3 yrs |
| Typical rent-free | 14 mos | 8 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 3-year lease with renewal option. Rent gross of management fees but exclusive of utilities. Bank guarantee or rent deposit of 3-6 months standard. Reinstatement at lease-end is 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. | Headline corporate tax 25% (15% for High and New Technology Enterprises). Free Trade Zone advantages exist. |
| Metric | New York | Shanghai |
|---|---|---|
| Talent index (0–100) | 100 | 76 |
| 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). | Mainland China's deepest financial-services and tech talent pool. Average all-in compensation indexes 76. |
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.
Shanghai: Shanghai Metro covers every Class A address. Hongqiao TGV / Maglev connectivity to Beijing and the Yangtze Delta.
New York is the cheaper Class A market on a USD basis.
New York has the deeper talent index (100/100 vs 76/100).
Shanghai has the lower headline corporate tax (25% vs 27.5%). Local incentives can change the effective rate materially.
New York typical term is 10 years with 14 months free; Shanghai runs 3 years with 8 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. Shanghai: Shanghai Metro covers every Class A address. Hongqiao TGV / Maglev connectivity to Beijing and the Yangtze Delta.
Score New York, Shanghai 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.