New York ($102/sqft, 17.4% vacancy) and Sydney ($96/sqft, 12.6% vacancy) compete on different axes: New York on talent depth and Sydney on rent and tax.
New York ($102/sqft, 17.4% vacancy) and Sydney ($96/sqft, 12.6% vacancy) compete on different axes: New York on talent depth and Sydney on rent and tax.
| Metric | New York | Sydney |
|---|---|---|
| Region | Americas | APAC |
| Country | United States | Australia |
| Class A rent (USD/sqft/yr) | $102 | $96 |
| Class A rent (local) | 102 USD | 1480 AUD |
| Vacancy | 17.4% | 12.6% |
| Trend | rising | flat |
| Prime yield | 5.6% | 5.5% |
| Premium flex / seat / month (USD) | $1,450 | $990 |
| Submarkets covered | 7 | 6 |
| Corporate tax | 27.5% | 30% |
| Metric | New York | Sydney |
|---|---|---|
| Typical term | 10 yrs | 7 yrs |
| Typical rent-free | 14 mos | 30 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 5-10 year lease. Gross or net structure (both common). Australian leases distinguish 'face rent' (headline) from 'effective rent' (face minus incentive). Incentives of 30-40% are now standard — typically structured as rent abatement, fit-out contribution, or both. |
| 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. | Federal corporate tax 30%. NSW payroll tax applies. No state corporate income tax. |
| Metric | New York | Sydney |
|---|---|---|
| Talent index (0–100) | 100 | 85 |
| 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). | Australia's deepest financial-services, technology, and professional-services talent pool. Average all-in compensation indexes 85. |
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.
Sydney: Sydney Metro and Sydney Trains converge at Wynyard, Town Hall, and Central. The new Sydney Metro City & Southwest line transformed core CBD commute capacity.
Sydney is the cheaper Class A market on a USD basis.
New York has the deeper talent index (100/100 vs 85/100).
New York has the lower headline corporate tax (27.5% vs 30%). Local incentives can change the effective rate materially.
New York typical term is 10 years with 14 months free; Sydney runs 7 years with 30 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. Sydney: Sydney Metro and Sydney Trains converge at Wynyard, Town Hall, and Central. The new Sydney Metro City & Southwest line transformed core CBD commute capacity.
Score New York, Sydney 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.