Paris ($102/sqft, 7.6% vacancy) and Tokyo ($113/sqft, 4.6% vacancy) compete on different axes: Paris on talent depth and Tokyo on rent and tax.
Paris ($102/sqft, 7.6% vacancy) and Tokyo ($113/sqft, 4.6% vacancy) compete on different axes: Paris on talent depth and Tokyo on rent and tax.
| Metric | Paris | Tokyo |
|---|---|---|
| Region | EMEA | APAC |
| Country | France | Japan |
| Class A rent (USD/sqft/yr) | $102 | $113 |
| Class A rent (local) | 95 EUR | 50000 JPY |
| Vacancy | 7.6% | 4.6% |
| Trend | rising | rising |
| Prime yield | 4% | 3% |
| Premium flex / seat / month (USD) | $1,180 | $980 |
| Submarkets covered | 6 | 6 |
| Corporate tax | 25% | 30.6% |
| Metric | Paris | Tokyo |
|---|---|---|
| Typical term | 9 yrs | 5 yrs |
| Typical rent-free | 18 mos | 4 mos |
| Lease norms | The bail commercial is the standard lease — 9 years with tenant break rights at year 3 and year 6. Rent is indexed annually to the ILAT or ICC indices. Rent-free of 12-24 months on a 9-year term is standard. Service charges and tax foncière are typically passed through. Restoration to original is the default obligation. | Tokyo leases are typically 5-7 years with a 2-year tenant notice. Standard leases are 'fixed-term' (teiki shakuya) or 'ordinary' (futsu shakuya) — fixed-term is increasingly common for Grade A. Rent is base + common-area maintenance billed separately. Restoration to original (genjo kaifuku) is contractual and significant. Personal seal (jitsuin) requirements apply. |
| Tax note | Headline corporate tax 25%. Local cotisation foncière des entreprises (CFE) and contribution sur la valeur ajoutée des entreprises (CVAE) add a meaningful local layer. Île-de-France tertiary tax (TSB) applies to office occupiers. | Effective corporate tax rate 30.6% (national + local). Tokyo Metropolitan corporate inhabitant tax adds a meaningful local component. |
| Metric | Paris | Tokyo |
|---|---|---|
| Talent index (0–100) | 90 | 84 |
| Talent note | Strong financial-services and luxury-brand talent pool. Average all-in compensation indexes 90 vs. New York's 100. | The largest single-language white-collar talent pool in the world. Average all-in compensation for senior knowledge workers indexes 84 vs. New York's 100, though English-fluent bilingual talent commands a premium. |
Paris: RER A and the Métro span the entire QCA. The Grand Paris Express network is materially reshaping Greater Paris commute economics through 2030.
Tokyo: JR Yamanote loop plus 13 metro lines connect every Class A address. Shinkansen termini at Tokyo, Shinagawa, and Ueno support inter-city corporate networks.
Paris is the cheaper Class A market on a USD basis.
Paris has the deeper talent index (90/100 vs 84/100).
Paris has the lower headline corporate tax (25% vs 30.6%). Local incentives can change the effective rate materially.
Paris typical term is 9 years with 18 months free; Tokyo runs 5 years with 4 months free.
Paris: RER A and the Métro span the entire QCA. The Grand Paris Express network is materially reshaping Greater Paris commute economics through 2030. Tokyo: JR Yamanote loop plus 13 metro lines connect every Class A address. Shinkansen termini at Tokyo, Shinagawa, and Ueno support inter-city corporate networks.
Score Paris, Tokyo 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 Samuel Okafor — EMEA contributing editor. Last updated 2026-04-15. See our methodology and editorial standards.