New York ($102/sqft, 17.4% vacancy) and Singapore ($102/sqft, 5.4% vacancy) compete on different axes: New York on talent depth and Singapore on rent and tax.
New York ($102/sqft, 17.4% vacancy) and Singapore ($102/sqft, 5.4% vacancy) compete on different axes: New York on talent depth and Singapore on rent and tax.
| Metric | New York | Singapore |
|---|---|---|
| Region | Americas | APAC |
| Country | United States | Singapore |
| Class A rent (USD/sqft/yr) | $102 | $102 |
| Class A rent (local) | 102 USD | 138 SGD |
| Vacancy | 17.4% | 5.4% |
| Trend | rising | rising |
| Prime yield | 5.6% | 3.6% |
| Premium flex / seat / month (USD) | $1,450 | $1,180 |
| Submarkets covered | 7 | 6 |
| Corporate tax | 27.5% | 17% |
| Metric | New York | Singapore |
|---|---|---|
| Typical term | 10 yrs | 4 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. | Singapore leases are typically 3-5 years, gross-rent based with the landlord covering most operating expenses inside the rent. Rent-free of 4-9 months on a 5-year term is standard. Rent reviews on renewal are open-market. Bank guarantees of 3-6 months are routine. Reinstatement at lease-end is contractual and usually significant — budget for it. |
| 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 of 17%, with a partial tax exemption for the first SGD 200,000 of chargeable income. A network of double-tax treaties and the Singapore Variable Capital Company (VCC) regime make Singapore particularly attractive for fund managers and family offices. |
| Metric | New York | Singapore |
|---|---|---|
| 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). | Premium APAC talent hub. Average all-in compensation indexes 92 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.
Singapore: The MRT network reaches every CBD address. Changi Airport is 20 minutes by MRT or taxi. Jurong Region Line and Cross Island Line expansions are extending the catchment.
New York and Singapore are roughly cost-equivalent in USD/sqft.
New York has the deeper talent index (100/100 vs 92/100).
Singapore has the lower headline corporate tax (17% vs 27.5%). Local incentives can change the effective rate materially.
New York typical term is 10 years with 14 months free; Singapore runs 4 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. Singapore: The MRT network reaches every CBD address. Changi Airport is 20 minutes by MRT or taxi. Jurong Region Line and Cross Island Line expansions are extending the catchment.
Score New York, Singapore 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.